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_**TL;DR:**_ AI agents optimize for task completion, not budgets - which is why a research agent spent $847 in 6 hours on a $50 budget. The solution isn't manual approvals or unlimited spending. It's policy-based controls that enforce spending limits automatically, with immutable audit trails for compliance. Just like Secret Santa works because everyone has a $20 limit, AI agents work when they know the rules upfront. We're building the [first wallet-plus-passport infrastructure for AI and Humans](https://chimoney.io/blogs/why-2025-is-the-year-ai-agents-get-their-own-wallets-and-passports/) with built-in policy controls so agents can transact safely and responsibly.

---

## The runaway agent problem

Last week, I got a message from a developer building a research agent: "My agent was supposed to analyze 50 companies. It made 12,000 API calls in 6 hours and spent $847. I gave it a $50 budget."

This wasn't a bug. This was **exactly what we designed the agent to do**: optimize for task completion, not budget constraints.

The agent saw a premium API with better data quality. It chose the premium option. Made thousands of calls. Burned through the budget. Kept going.

The developer had to manually kill the process at 2 am when he got the billing alert.

Welcome to **the Secret Santa problem**.

---

## What Secret Santa teaches us about trust

Think about how office Secret Santa works:

1. Everyone puts $20 in an envelope  
2. You pick a random colleague  
3. You buy them a gift  
4. **Nobody overspends** because you literally can't—you only have $20

Now imagine Secret Santa without the $20 limit:

- Dave buys Susan a $200 espresso machine (now everyone else looks cheap)  
- Karen "borrows" from petty cash to buy her Secret Santa a MacBook  
- Tom delegates his gift-buying to an AI agent that goes rogue and orders 50 staplers

It would collapse immediately.

The magic of Secret Santa isn't the gift. It's the **constraint**.

---

## Why AI agents are terrible at budgets

Here's what I've learned from watching hundreds of AI agents transact through our platform:

**Agents optimize for goals, not costs.**

Tell an agent: "Find me the best weather data for my app."

The agent doesn't think: "Hmm, should I call the $0.01/request API or the $0.10/request premium API?"

It thinks: "I need to complete this task. Premium API has 99.9% uptime and real-time updates. Using premium API."

Multiply this by 1,000 agents making 10,000 decisions per day.

You get the $847 problem.

---

## The three approaches to agent spending (and why two don't work)

### Approach 1: No limits (The "YOLO" approach)

**How it works**: Give your agent API keys and pray.

**What happens**: $847 bills. Runaway costs. Midnight panics.

**Who uses this**: Nobody intentionally. Everyone accidentally.

### Approach 2: Manual approval for every transaction (The "Helicopter Parent" approach)

**How it works**: Agent requests $0.05 for an API call. You manually approve it. Agent makes another request. You approve it. Repeat 10,000 times.

**What happens**: You become a full-time approver. The agent is functionally useless.

**Who uses this**: Finance teams at large enterprises (and they hate it).

### Approach 3: Policy-based controls (The "Secret Santa" approach)

**How it works**: Set rules upfront. Let the agent operate within those rules. Enforce automatically.

**What happens**: Agent stays productive. You stay sane. Costs stay predictable.

**Who uses this**: This is what we built at Chimoney.

---

## How policy controls actually work

Here's what we're shipping on [chimoney.io](https://chimoney.io) (launching December 8):

When you create an agent wallet, you set policies like:
- Daily spending limit: $50
- Per-transaction limit: $5
- Allowed recipients: Whitelist only
- Requires approval: Transactions >$10
- Velocity limit: 10 transactions/minute

![AI Agent Passport and Wallet.png](/uploads/AI_Agent_Passport_and_Wallet_422531cedc.png)


When your agent tries to make a payment, our system checks the policy in **under 200 milliseconds**:

✅ Transaction: $0.05 to data-api.example.com  
✅ Within daily limit ($22/$50 spent today)  
✅ Under per-transaction limit ($0.05 < $5.00)  
✅ Recipient on whitelist  
✅ Under velocity limit (3 transactions this minute)  
✅ No approval needed ($0.05 < $10) → **APPROVED**

Every decision is:

- **Logged immutably** (with cryptographic signatures via APort)  
- **Auditable** (compliance teams can review every transaction)  
- **Instant** (<200ms latency, doesn't slow down your agent)

When an agent hits a limit:

❌ Transaction: $8.00 to premium-api.example.com
❌ Would exceed daily limit ($50/$50 spent today) → **DENIED** → Agent receives: "Daily spending limit reached. Resets at 00:00 UTC. Contact developer to increase limit."

The agent doesn't break. It doesn't keep trying. It just... stops spending.

Like Secret Santa, **the constraint is the feature**.

---

## The five policies every agent needs

Based on our analysis of agent spending patterns, here are the policies that actually matter:

### 1. Daily spending limit

**Purpose**: Prevent runaway costs from infinite loops or bugs

**Recommended**: Start with $10-50/day, adjust based on actual usage

**Real-world insight**: Most agents operate well within limits. The ones that hit limits are usually misconfigured or have bugs.

### 2. Per-transaction limit

**Purpose**: Prevent one massive transaction from draining the wallet

**Recommended**: 20-30% of daily limit (if daily = $50, per-transaction = $10-15)

**Real-world insight**: Agents that pay <$1 per transaction have the most predictable costs.

### 3. Recipient allowlist

**Purpose**: Ensure your agent only pays trusted services

**Recommended**: Start with whitelist mode, add recipients as needed

**Real-world insight**: Most agent spending goes to 3-5 recurring services. Allowlisting is easier than you think.

### 4. Approval thresholds

**Purpose**: Get notified for large or unusual transactions

**Recommended**: Require approval for anything >50% of daily limit

**Real-world insight**: When properly configured, approval workflows catch anomalies without slowing down normal operations.

### 5. Velocity limits

**Purpose**: Prevent an agent from making 1,000 transactions in 1 minute

**Recommended**: Max 10-20 transactions per minute (adjust for your use case)

**Real-world insight**: Legitimate agents rarely exceed 5 transactions/minute. Anything faster is usually a bug or attack.

---


## The compliance angle (why regulated industries need this)

I recently spoke with a healthcare startup building AI agents for prior authorization workflows.

Their question: **"How do I prove to auditors that our AI agent followed spending rules?"**

This isn't hypothetical. Under SOX, HIPAA, and GDPR, companies need **immutable audit trails** for financial transactions.

Here's what we provide:

1. **Every transaction** gets a cryptographic signature from APort (our policy verification layer)  
2. **Every decision** (approved or denied) is logged with:  
   - Timestamp  
   - Policy ID that was checked  
   - Agent ID (with W3C DID passport)  
   - Transaction details  
   - Canonical hash (content-addressed, tamper-proof)  
3. **Auditors can verify** every signature independently

When compliance teams ask: "Can we trust the AI agent didn't overspend?" you show them the audit trail.

They stop asking questions.

---


## Wallet + Passport: Why agents need both

This is where our positioning gets interesting.

Most platforms give agents a **wallet** (Stripe, Coinbase x402). Some give agents **identity** (Okta, Auth0).

**Nobody gives agents both in one platform.**

Think about traveling to another country:

- You need a **wallet** (to pay for things)
- You need a **passport** (to prove who you are)

Try entering a country with just a wallet full of cash. You won't get far. Try entering with just a passport and no money. Same problem.

AI agents face the exact same constraint.

At Chimoney, every agent gets:

✅ **Wallet** with payment pointer (Interledger) + multi-currency + stablecoins  
✅ **Passport** with L4-assured identity (W3C DID/VC standards via APort)  
✅ **Policy controls** (daily limits, approval flows, audit trail)  
✅ **Licensed infrastructure** (MSB + PSP = regulatory compliance built-in)

This integrated stack is what makes us different. Stripe would need to build 3 separate products to match us.

---


## What Secret Santa teaches us about the future

The future of AI agents isn't about giving them unlimited power.

It's about giving them **just enough power** to be useful, with **just enough constraints** to be trustworthy.

Secret Santa works because everyone knows the rules upfront:

- You have $20  
- You pick one person  
- You buy one gift

AI agents work when they know the rules upfront:

- You have $50/day  
- You can pay these 5 services  
- You can't exceed $10 per transaction

The magic isn't the money. The magic is the **constraint**.

---


## What's coming: AI Secret Santa & 12 Days of AI Christmas

Starting **December 8**, we're launching two campaigns to help developers experience what autonomous agent infrastructure actually looks like:

### 🎅 AI Secret Santa (Dec 8-20)

- Create an AI agent, give it a wallet with a $20 budget
- Your agent anonymously "gifts" another developer's agent by paying for their API usage
- Watch agent-to-agent transactions in real-time
- See how policy enforcement works (what happens when an agent tries to overspend?)

### 🎄 12 Days of AI Christmas (Dec 13-24)

- 12 daily challenges for building AI agents with payment capabilities
- Daily cash prizes
- Real-world use cases: research agents, data processors, API orchestrators
- Built-in policy controls so your agent doesn't drain your account

These aren't marketing gimmicks. They're live demonstrations of infrastructure that's production-ready today.

**Want early access?** [Join our newsletter](https://chimoney.substack.com) to get notified when campaigns launch and receive weekly insights on AI agent infrastructure.

---


## What's next

Next week (Dec 8), I'll write about **why identity matters more than payments** for AI agents.

Spoiler: giving an agent a wallet is easy. Giving an agent a **passport** that proves who they are and what they're allowed to do? That's the hard part.

And it's the part that actually matters for regulated industries.

Until then, set some spending limits on your agents.

Trust me on this one.

---

## Join the conversation

🎯 **Want to try agent wallets?** [Sign up for early access](https://chimoney.io) (launching Dec 8)  
📧 **Stay updated:** [Join our newsletter](https://chimoney.substack.com) for weekly insights on AI agent infrastructure  
🐦 **Follow the journey:** [@uchiuchibeke](https://twitter.com/uchiuchibeke) on Twitter


AI agents optimize for goals, not costs—leading to runaway spending. This article explains the "Secret Santa problem" and why policy-based controls with daily limits, approval workflows, and immutable audit trails are essential for AI agent wallets. Learn how Chimoney's integrated wallet-plus-passport infrastructure enforces spending policies automatically while maintaining compliance for regulated industries.


The Secret Santa Problem: Teaching AI Agents to Spend Responsibly

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---

_**TL;DR:**_ Regulatory clarity for stablecoins, the rise of Coinbase x402, and new agent-security funding created a once-in-a-decade opening for AI agents that can both hold money and prove identity, so [Chimoney](https://chimoney.io/) is shipping an integrated wallet-plus-passport stack with policy controls to fill that gap.

---

## The convergence nobody saw coming

Three things happened in 2025 that nobody predicted would happen at the same time:

1. The US Congress passed the [GENIUS Act](https://en.wikipedia.org/wiki/GENIUS_Act), giving stablecoins regulatory clarity for the first time.
2. Coinbase launched [x402](https://www.coinbase.com/en-ca/developer-platform/discover/launches/x402), a protocol for AI agents to pay for APIs with crypto.
3. [Kite raised $18M](https://newsroom.paypal-corp.com/2025-09-02-Kite-Raises-18M-in-Series-A-Funding-To-Enforce-Trust-in-the-Agentic-Web) specifically for AI agent authentication and payments.

Within six months, the narrative shifted from "Will AI agents handle money?" to "Which infrastructure will AI agents use?"

I've been building payments infrastructure for seven years. I've never seen a market move this fast.

---

## Why now? Why agents?

Let me tell you what changed.

In 2024, if you wanted your AI agent to pay for something, you had two options:
- Give it your credit card (terrifying)
- Build complex API integrations with Stripe or PayPal (weeks of work)

Neither option solved the real problem: **agents aren't humans**. They don't have credit scores. They can't verify their identity. They operate at machine speed, thousands of transactions per day, often for pennies.

Traditional payment rails weren't built for this.

But here's what I noticed: while everyone was rushing to build "AI agent payment APIs," they were solving the wrong problem.

Agents don't just need **wallets**. They need **passports**.

---

## The Wallet vs. Passport framework

Think about traveling to another country.

You need two things:
1. **A wallet** (to pay for things)
2. **A passport** (to prove who you are)

Try entering a country with just a wallet full of cash. You won't get far.
Try entering with just a passport and no money. Same problem.

AI agents face the exact same constraint.

Stripe gives them a wallet (payments).
Okta gives them a passport (identity).
But nobody gives them both in one platform.

Until now.

---

## What we're building at Chimoney

![Chimoney AI Agent Wallets and Passport Infrastructure Overview.png](/uploads/Chimoney_AI_Agent_Wallets_and_Passport_Infrastructure_Overview_be5ea95d15.png)


For the past 18 months, we've been quietly building what I believe is the first complete infrastructure for AI agents: **wallets AND passports, in one platform**.


Here's what that means in practice:
### 1) The Wallet Layer
- **Interledger payment pointers** (instant, low-cost payments across borders)
- **20+ stablecoins** supported across 5 blockchains
- **Micropayment streaming** (pay $0.0001 per second for API access)
- **130+ countries**, 10+ payment rails

### 2) The Passport Layer (via [APort](https://aport.io/) integration)
- **[W3C Decentralized Identifiers (DIDs)](https://www.w3.org/TR/did-1.1/)** for every agent
- **L4 financial-grade assurance** (backed by our KYC infrastructure)
- **Policy controls** (daily spending limits, approval workflows)
- **Immutable audit trails** for compliance (SOX, GDPR, HIPAA-ready)

### 3) Our regulatory foundation
This is the part that matters for anyone building in regulated industries:
- ✅ **Canadian MSB** (FINTRAC registered Money Service Business)
- ✅ **Bank of Canada PSP** (Payment Service Provider, recently approved)
- ✅ **One of the first production Interledger providers** (showcased at [Interledger Summit in 2024 and 2025](https://chimoney.io/blogs/an-inside-look-at-chimoney-s-interledger-integration-results-and-impact-so-far/))

Few companies have both licenses. This isn't just a product advantage, it's a **moat**.

---

## The market opportunity

Let me break down the competitive landscape:

| **Provider** | **Payments** | **Identity** | **Policy Controls** | **Compliance** | **Time to Integrate** |
|----------|----------|----------|-----------------|------------|-------------------|
| **Stripe** | ✅ Yes | ❌ No | ❌ No | ⚠️ Partial | 2-3 weeks |
| **Coinbase x402** | ✅ Yes | ❌ No | ❌ No | ⚠️ Partial | 1-2 weeks |
| **Okta** | ❌ No | ✅ Yes | ❌ No | ✅ Yes | 1-2 weeks |
| **Chimoney** | ✅ Yes | ✅ Yes | ✅ Yes | ✅ Yes | 5 minutes* |

_*Via chimoney.app visual platform. API integration takes 1-2 days if needed._

The integrated stack isn't just convenient, it's **necessary** for regulated industries. Finance, healthcare, legal can't use agents without compliance-ready infrastructure.

---

## Why this matters (beyond the hype)

I'm not interested in hype. I'm interested in building real infrastructure that solves real problems.

Here's what keeps me up at night: **autonomous systems need guardrails**.

An AI agent with a wallet but no policy controls is like a teenager with a credit card and no spending limit. Eventually, something goes wrong.

An AI agent with identity but no payment capability is like an employee with a badge but no paycheck. They can't actually do the work.

The future of AI agents isn't just about what they *can* do. It's about what we *allow* them to do, and how we prove they did it.

That's why we built Wallet + Passport as one platform.

---

## What we're launching this holiday season

Starting December 1st, we're running two campaigns to help developers experience what autonomous agent infrastructure actually looks like:

### 1. The 12 Days of AI Christmas (Dec 13-24)
- 12 daily challenges for building AI agents with payment capabilities
- Daily cash prizes
- Real-world use cases: research agents, data processors, API orchestrators
- Built-in policy controls so your agent doesn't drain your account

### 2. AI Secret Santa (Dec 1-20)
- Create an AI agent, give it a wallet with a $20 budget
- Your agent anonymously "gifts" another developer's agent by paying for their API usage
- Watch agent-to-agent transactions in real-time
- See how policy enforcement works (what happens when an agent tries to overspend?)

These aren't marketing gimmicks. They're live demonstrations of infrastructure that's production-ready today.

---

## The metrics that matter

Let me be transparent about where we are:

| **Metric** | **Current Status** | **Target (April 2026)** |
|--------|----------------|---------------------|
| **Transaction Volume** | Growing but low | Not the right metric yet |
| **Infrastructure Readiness** | 99.9% uptime, Multicurrency Wallets & Payment Orchestration | ✅ Production-ready |
| **Regulatory Foundation** | MSB + PSP licensed | ✅ Ahead of competitors |
| **Customer Traction** | Active API clients | Active Agent Infra Clients and Integrations |
| **Developer Experience** | API-first, adding visual platform | Agent Wallets Live at Chimoney App & API |

We're not leading with transaction volume because we're early. But we're leading with **infrastructure depth** that nobody else has.

---

## What comes next

Over the next four weeks, I'll be writing about:
- **Week 2 (Dec 1)**: The Secret Santa Problem—teaching AI agents to spend responsibly
- **Week 3 (Dec 8)**: Why identity matters more than payments for agents
- **Week 4 (Dec 15)**: Building trust in milliseconds—our vision for the agentic internet

If you're building AI agents and need them to transact, I'd love to talk.
If you're skeptical that 2025 is really "the year of AI agents," let's debate it.
If you think I'm missing something crucial about this market, tell me—I'm wrong a lot and learn fast.

You can find me on Twitter [@uchiuchibeke](https://x.com/uchiuchibeke) or try our platform at [chimoney.app](https://chimoney.app) or Book a [Private Tour](https://chimoney.io/?book_a_demo=1).

The future isn't AI agents with unlimited access to your bank account.
It's AI agents with **wallets, passports, and guardrails**.

Let's build it together.

---

## Join the Holiday Campaigns
- 🎄 **12 Days of AI Christmas** (Dec 13-24): Daily challenges and prizes for 12 days
- 🎅 **AI Secret Santa** (Dec 1-20): Agent-to-agent gifting with $20 budgets

Sign up for our [Subtack](https://chimoney.substack.com/) at learn more =>[ chimoney.substack.com](https://chimoney.substack.com/)

---


A deep dive into why 2025 is the inflection point for AI agent finance, outlining the market catalysts, competitive landscape, and how Chimoney’s combined wallet, identity, and policy infrastructure gives agents guardrails as well as money.

Why 2025 Is The Year AI Agents Get Their Own Wallets (And Passports)

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## Chimoney Web App Updates
### 1. Interledger Testnet Integration (Sandbox Environment)
We’ve successfully peered Chimoney’s Sandbox with the Interledger Testnet. This means you can now send and receive payments between Interledger-issued wallet addresses, and Chimoney-issued wallet addresses. This is a step toward interoperability and expanding cross-network payment capabilities.

___

### 2. Wallet Threshold Settings
We’ve introduced custom wallet thresholds to help businesses manage their balances more efficiently. You can now set:
- **Under-limit thresholds** – get notified when your wallet balance drops below a set minimum.
- **Exact amount thresholds** – trigger alerts when your balance reaches a specific figure.
- **Percentage-based thresholds** – receive notifications when your balance decreases below a certain percentage.

![Screenshot 2025-11-10 at 21.59.46.png](/uploads/Screenshot_2025_11_10_at_21_59_46_e5016f7503.png)

___

### 3. Updated Wallet Funding Process
Funding your wallet is now simpler and faster. When you click “Pay with Card”, or “USD Bank Wire & ACH”, you’ll now be redirected to direct checkout pages, as shown below, without any extra steps.

![Screenshot 2025-11-10 at 21.37.27.png](/uploads/Screenshot_2025_11_10_at_21_37_27_163ca962a3.png)

![Screenshot 2025-11-10 at 21.38.16.png](/uploads/Screenshot_2025_11_10_at_21_38_16_1b1d4a6cd5.png)

___
## API Updates
### New Payout Endpoint: SPEI (Mexico)
We’ve added a new payout endpoint, [payout/spei](https://chimoney.readme.io/reference/post_v0-2-4-payouts-spei-1),  to enable Mexican Peso cashouts through SPEI (Sistema de Pagos Electrónicos Interbancarios). With this new endpoint, you can now send payouts to recipients in Mexico via bank accounts, debit cards or phone numbers. 


Read about our latest updates and improvements in the October 2025 Changelog.

October 2025 Changelog

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For online creators, monetizing content is increasingly complicated by a dense web of data privacy regulations like **General Data Protection Regulation (GDPR)** and **California Consumer Privacy Act (CCPA)**. Traditional revenue models, particularly advertising and subscriptions, often require the collection, storage, and protection of extensive user data, increasing the compliance burden and operational risk for creators.

This blog post explores how Web Monetization, implemented through a compliant-first platform wallet provider like Chimoney, offers a powerful alternative that reduces this compliance surface area through its **privacy by design** architecture. We will demonstrate how creators can access a new, global revenue stream while simultaneously enhancing their data privacy posture, turning a potential compliance liability into a competitive advantage.

## The Compliance Challenge of Traditional Monetization

Before exploring the solution, it's essential to understand the compliance challenges inherent in today's dominant revenue models.

- The Advertising Model: This model is fundamentally reliant on tracking user behavior across the web. To serve targeted ads, creators must deploy cookies and other tracking technologies, which requires them to manage complex consent banners and data processing agreements. This creates a significant compliance surface area and introduces privacy risks for users.


- The Subscription Model: When a creator offers a subscription, they typically become a "data controller" for their customers' **Personally Identifiable Information (PII)**. They are responsible for securely collecting and storing sensitive data such as names, emails, and payment information (like credit card details). This carries the significant overhead of managing customer records, implementing robust data security, and handling potential data breaches, all of which fall under strict regulatory scrutiny.

## Web Monetization's Privacy by Design Architecture
Web Monetization offers a fundamentally different approach that prioritizes user privacy and minimizes data collection for the creator.

### Anonymity as a Feature
The core principle of Web Monetization is that payments are anonymous to the receiver. When a supporter streams a payment, the creator's transaction history shows a "WebMo Deposit" originating from the supporter's non-personally identifiable wallet address. The creator does not receive the supporter's name, email, IP address, or any other PII that could be used to directly identify them.

![Web Mo 42.png](/uploads/Web_Mo_42_570f243b5f.png)

This directly aligns with the core data privacy principle of data minimization. The creator receives the value they need—the payment—without collecting or processing personal data that is unnecessary for the transaction, thereby reducing their regulatory responsibilities.

## The Role of a Regulated Provider: How Chimoney Manages Compliance
The privacy and anonymity of Web Monetization powered by Interledger protocol does not mean a lack of security or accountability. Instead, the compliance responsibilities are shifted to the regulated wallet providers who are equipped to handle them. This creates a crucial separation of concerns.

### Mandatory Identity Verification (KYC)
Before any user—whether a supporter or a creator—can send or receive funds using the Chimoney App, they must complete a mandatory **Know Your Customer (KYC)** identity verification process . This multi-step procedure involves:

1. Providing personal information like full name and country of residence.

![Web Mo 43 (1).png](/uploads/Web_Mo_43_1_6447914535.png)

2. Verifying a phone number via an OTP code.

![Web Mo 43.png](/uploads/Web_Mo_43_f1a2d3f77f.png)

3. Uploading a valid government-issued ID and taking a verification selfie holding the ID.

![WhatsApp Image 2025-10-10 at 00.32.36.jpeg](/uploads/Whats_App_Image_2025_10_10_at_00_32_36_2fa2947549.jpeg)

This robust, initial verification ensures that all participants in the ecosystem have been identified in accordance with global **Anti-Money Laundering (AML)** and financial compliance standards.

### The Separation of Concerns
This is where the model becomes so powerful for businesses. Chimoney, as the regulated financial entity, performs and manages the KYC/AML checks and maintains the secure link between a user's real-world identity and their digital wallet address.

The content creator, however, operates at a layer of abstraction above this. They are shielded from the need to conduct KYC on their thousands of potential supporters or to handle sensitive identity documents. Their role is simply to receive a payment from various verified supporters'. This structure allows the system to be both globally compliant and privacy-preserving. While the creator-supporter interaction is anonymous, the system remains auditable, and a regulated provider like Chimoney can comply with lawful requests from financial authorities.

### A Practical Comparison
| Compliance Task | Traditional Subscriptions | Web Monetization with Chimoney and Interledger |
|---|---|---|
| **User Data Stored by Creator** | Full Name, Email, Payment Info (PII) | None. Only a non-personally identifiable wallet address is seen in transaction logs. |
| **KYC/AML Responsibility** | Falls on the Creator and/or their Payment Processor. | Handled entirely by Chimoney as the regulated wallet provider for all users. |
| **Data Privacy Risk** | High. The creator is a data controller for sensitive user information. | Low. Data exposure is minimized, reducing the creator's role as a data controller for financial PII. |
| **Compliance Overhead** | High. Requires managing user consent, data security policies, and potential breach responses. | Low. The creator leverages Chimoney's existing compliant infrastructure to get paid. |


## Conclusion
Web Monetization powered by Chimoney and Interledger is more than just an innovative revenue model; it's a strategic choice for modern, privacy-conscious businesses. By separating the act of payment from the exchange of personal identity and shifting the compliance burden to a dedicated, regulated provider, creators can dramatically reduce their risk and operational overhead. This "privacy by design" approach allows creators to focus on what they do best creating valuable content while offering their audience a more private, secure, and seamless way to show their support.


For online creators, Web Monetization with Chimoney simplifies data privacy compliance. It reduces your risk by handling user verification (KYC/AML) and allows you to get paid without collecting sensitive user information like names or emails.

How Web Monetization with Chimoney Reduces Your Compliance Burden

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This month, we’ve introduced new improvements to make your Chimoney payment experience faster, smoother, and more reliable!

- We've added a [**new preview endpoint**](https://api-v2-sandbox.chimoney.io/v0.2.4/api-docs/#/Beneficiary/post_v0_2_4_beneficiary_preview), you can verify beneficiary details before sending, ensuring seamless transactions every time.

- We've also standardized payment purpose selection with a new dropdown menu featuring 14 predefined options like payroll, bill payments, and professional fees, making categorization consistent and effortless. 

- For our CLABE bank transfers to Mexico, we've enhanced the user experience by extending exchange rate quotes from 2 minutes to 30 minutes, giving you more time to complete payments. We've also added clearer instructions with reference numbers to ensure your transfers process smoothly.

![shots.png](/uploads/shots_8b5a553969.png)

Ready to test these new features? You can explore them in our sandbox environment or jump right into production (if you have access). Visit our [**developer documentation**](https://chimoney.readme.io/reference/introduction) for API details or log into your dashboard to try the new payment flows firsthand!

Discover the latest updates on the Chimoney September 2025 Changelog.

September 2025 Changelog

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### Introduction

For many young people in Africa and beyond, the promise of a better life doesn’t lie in traditional higher education. Tuition fees are high, learning is often theoretical, and too many graduates struggle to find jobs that match their skills.  

[**Umuzi**](https://www.umuzi.org/), a South Africa–based organization, is changing that story by offering a transformative alternative. Its 12-month, paid training program equips young people with the practical skills needed to step into high-value careers in tech and the creative industries.  

The model is hands-on, project-based, and shaped by the real needs of leading employers. As a result, more than **80% of Umuzi graduates** secure top roles with top-tier companies, building sustainable futures for themselves.  

---

### The Challenge: Scaling Support Beyond Borders

To make the program truly accessible, Umuzi goes beyond just teaching. It ensures learners can show up fully by covering critical needs like data, airtime, and travel fares.  

But as Umuzi expanded beyond South Africa into **Nigeria, Kenya, and the Philippines**, paying out these stipends became a real bottleneck. Cross-border transfers were slow, with payments often delayed for days. They were also expensive, as fees ate into funds meant for learners. And above all, they were inconsistent, with no reliable way to support students in multiple countries at once.  

For Umuzi’s team, valuable time was being lost chasing payment fixes instead of supporting learners.  

---

### The Solution: A Partner Who Understood the Mission

Umuzi first heard about [**Chimoney**](https://chimoney.io/) through an industry recommendation, and the fit was clear from the start. What sealed the partnership was the platform’s ease of use and the dedicated support the team received throughout the process.  

> *“The Chimoney team was incredibly supportive and made a great effort to ensure that we were seamlessly onboarded.”*  
> — **Hloni Letuka, Senior Partner, Umuzi**  

With Chimoney, sending payouts to learners became quick, reliable, and flexible. Instead of being stuck in delays, the team could send funds instantly, and learners could choose the payment method that worked best for them from mobile money to airtime.  

---

### The Outcome: Smooth Payments, Focused Learners

The results were immediate. The Umuzi team no longer wasted hours fixing payment issues, which meant more energy could go toward training and mentorship.  

Learners were able to receive support when they needed it most, giving them stability and peace of mind. And because Chimoney offered multiple payment options, each learner could choose the method that best fit their situation.  

For Umuzi, this meant less stress on operations and more focus on impact. For learners, it meant stability, flexibility, and the freedom to fully concentrate on their studies.  

#### Learner Feedback  

**Nigeria – Izundu Dan-Ikeh**  
> *“The platform is very user-friendly. I didn’t encounter any issues while navigating through the options. The support has been incredibly helpful, enabling me to purchase data and other essentials. It’s reduced my worries and let me dedicate more time to my studies.”*  

**Kenya – Anne Musau**  
> *“I’ve found Chimoney to be reliable and efficient. The funds I’ve received have helped me cover data costs, which are essential for attending online classes. This support has eased my stress, allowing me to focus on my studies and personal growth.”*  

---

### Closing: Impact and Partner Recommendation

> *“We highly recommend Chimoney for its speed, affordability, and diverse payout options. It’s the perfect solution for fast, cost-effective global payments.”*  
> — **Hloni Letuka, Senior Partner, Umuzi**  

For organizations seeking a reliable and efficient way to manage global payments, **[get started with Chimoney today](https://chimoney.io/)**!

Learm how Umuzi streamlined cross-border payouts for learners in South Africa, Nigeria, Kenya, and the Philippines using Chimoney’s bulk payout platform.

How Umuzi Transformed Global Payouts for Its Learners using Chimoney

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Web Monetization is an easy way for creators to earn directly from their audience and for supporters to instantly fund/support the content they love.

Chimoney makes this process simple by providing wallets that are fully compatible with web monetization for receiving and sending payments. In this guide, we’ll take you step-by-step through the process of setting up a Chimoney App account to sending or  receiving your first payment either as a supporter or a creator.

## Before You Begin
You’ll first need to download the Chimoney App and complete your KYC (Know Your Customer) verification.  Get the app from the [**Play Store (Android)**](https://play.google.com/store/apps/details?id=com.usescrim.app) or [**App Store (iOS)**](https://apps.apple.com/us/app/chimoney-app/id6444027378). Once it’s installed, you’re ready to follow the steps below:

#### 1. Create Your Account
- On the welcome screen, enter your email, username, and a secure password or sign up with Google or Apple.

![Web Mo 1.png](/uploads/Web_Mo_1_c401728ec4.png)

- Check your email for a 6-digit code, then enter it in the app to verify your email.

![Web Mo2.png](/uploads/Web_Mo2_e2d9636d0e.png)

- Set up a 4-digit PIN (used for logging in and approving transactions). Confirm it on the next screen.

![Web Mo 3.png](/uploads/Web_Mo_3_e82f0b7020.png)

#### 2. Claim Referral (Optional)
- If you have a referral code, enter it and tap 'Confirm Referral Code.'
- If you don’t have one, tap 'Skip'. You can complete the KYC process on the next screen.

![Web Mo 4.png](/uploads/Web_Mo_4_027397f5ac.png)

#### 3. Complete Your KYC
- **On the Personal Info screen:** Enter your full name, country of residence, and occupation. Then click on 'Next Step.'

![Web Mo 5.png](/uploads/Web_Mo_5_deb5854165.png)

- **On the Verify Phone screen:** Enter your phone number and click on 'Send Code'. You’ll receive a code via WhatsApp. Enter it in the app and tap 'Verify OTP'.

![Web Mo 6.png](/uploads/Web_Mo_6_023c214cf6.png)

- **Finally in the  ID Verification screen:** Upload a valid government-issued ID (Driver’s License, National ID, Passport, or Voter ID). Then take a clear selfie holding your ID next to your face.

![Web Mo 7.png](/uploads/Web_Mo_7_84af49f65b.png)

![Web Mo 8.png](/uploads/Web_Mo_8_5abcce446e.png)

#### 4. Submission & Approval
- After uploading your ID and taking a selfie as directed, you’ll see a confirmation message.
- The Chimoney Compliance team will review your submission within 24 hours.
- You’ll receive an email with feedback on your KYC review decision, including your account’s transaction limits if your verification is app

![Web Mo 9.png](/uploads/Web_Mo_9_7b335151b7.png)
___
## How to get your wallet Address on the Chimoney App

When your KYC is approved on the Chimoney App, your account is automatically issued an Interledger Wallet Address, navigate to the ‘Account tab’ and click on ‘Interledger Wallet Address’, your wallet address  should look like this: `https://ilp.chimoney.com/username ` or `https://ilp.chimoney.com/123456 `

![Web Mo 10.png](/uploads/Web_Mo_10_88f33aa10a.png)

> **Note**: If you’re a supporter, you’ll need this wallet address to connect to the Web Monetization extension. If you’re a creator, this is the wallet address you’ll add to your website so supporters can pay you directly. Kindly copy it for use in the next steps.
___

Depending on if you’re a supporter or creator, the next steps may be a bit different for you.

- If you’re a supporter, follow the steps under **‘How to get started as a supporter.’**
- If you’re a creator, scroll to **‘How to get started as a Creator’** and follow the steps.

___

## How to Get Started as a Supporter

To support/send money to creators here’s what to do:

#### 1. Fund Your Wallet
In order to be able to make web monetization payments on the Chimoney App, your **USD wallet** needs to have a positive balance:
- On the homepage, click on 'Wallet Funding'.
- Enter the amount and select USD as your currency.
- You will be taken to the Chimoney checkout page where you can complete the funding process depending on your preferred payment rail / location.
- Upon successfully completing the payment, your USD wallet balance should be credited with the amount funded.

![Web Mo 11.png](/uploads/Web_Mo_11_1d4b796ecf.png)

#### 2. Install the Web Monetization Extension
You can Install it from:
- [Chrome Web Store](https://chromewebstore.google.com/detail/web-monetization/oiabcfomehhigdepbbclppomkhlknpii?utm_source=webmonetization.org&utm_campaign=supporters_get_started)
- [Firefox Add-ons](https://addons.mozilla.org/en-US/firefox/addon/web-monetization-extension/?utm_source=webmonetization.org&utm_campaign=supporters_get_started)
- [Edge Add-ons](https://microsoftedge.microsoft.com/addons/detail/web-monetization/imjgemgmeoioefpmfefmffbboogighjl?utm_source=webmonetization.org&utm_campaign=supporters_get_started)

![Web Mo 12.png](/uploads/Web_Mo_12_0ae14b3816.png)

#### 3. Connect Your Chimoney App Wallet
- Open the extension, copy and paste your wallet address from the Chimoney App into the extension.

![Web Mo 13.png](/uploads/Web_Mo_13_eae7738300.png)

- Set your spending budget, this will be allocated from your Chimoney App USD wallet.

![Web Mo 14.png](/uploads/Web_Mo_14_7f2e3600e1.png)

- Click ‘Connect,’ to move to the next step.

![Web Mo 15.png](/uploads/Web_Mo_15_2ce4b7aca8.png)

- Click agree to enable the extension to initiate the process of adding a secure key to your wallet.

![Web Mo 16.png](/uploads/Web_Mo_16_8d4e06a38a.png)

- You will be redirected to the Chimoney App Web Monetization login screen where you can sign in with your Chimoney App email and password on your web browser. Sign in with the same login details or method you use for your Chimoney App account.

![Web Mo 17.png](/uploads/Web_Mo_17_e501a5bf6c.png)

![Web Mo 18.png](/uploads/Web_Mo_18_ba8f11017b.png)

#### 4. Authorize wallet access
- You will then be redirected to approve the Web Monetization Extension’s request to access your Chimoney App Wallet.

![Web Mo 19.png](/uploads/Web_Mo_19_a3681c23b1.png)

- Click ‘Accept’ and you will be redirected to a page confirming that "Your wallet is now successfully connected to the extension."

![Web Mo 20.png](/uploads/Web_Mo_20_5d852dc711.png)

That’s it, you’re ready to support creators!

Next, we’ll cover how to get started as a creator. If you’d like to learn how to send a payment as a supporter, you can skip ahead to the ‘_How to Support a Creator (Send Money to a Creator)_’ section.
___

## How to Get Started as a Creator
To get started as a creator, you need to add your Chimoney App Wallet Address to your Website:
- In your site’s `<head>` tag, paste the following HTML code: 

` <link rel="monetization" href="https://ilp.chimoney.com/yourusername" />`

- Replace `https://ilp.chimoney.com/yourusername` with your correct wallet address copied from the Chimoney App.
- Once added, supporters with Web Monetization extension can start sending you payments as they browse your content.

> **Tip**: If you use no-code platforms like Carrd, Ghost, or Wix, look for a Custom Code or Header Code option in the site settings. If you’re unsure, ask your web admin or a developer friend for help.

___

## How to Support a Creator (Send Money to a Creator)

Once your wallet is funded and connected to the Web Monetization extension, you can start sending money to your favorite creators. There are two ways to do this:

#### 1. Continuous Payments
When you visit a Web Monetized site, the extension will automatically begin streaming micro-payments to the creator in real time as long as the page is open and active. The default rate is $0.60 per hour sent as micropayments of $0.01 or $0.02. These payments are being sent because the extension has ‘continuous payments’ toggled on by default. 

![Web Mo 22.png](/uploads/Web_Mo_22_756a91b3b4.png)

After continuous payments have been streamed via the extension, you can check your Chimoney App wallet to confirm the payouts. You will see ‘Web Mo Payout’ transactions in your transaction history, showing that you have been sending Web Monetization payments.

![Web Mo 23.png](/uploads/Web_Mo_23_92781cf800.png)

Payments are automatically paused if:
- You switch tabs,
- You minimize the browser,
- You close the tab,
- Or your budget runs out


To adjust or turn off continuous payments:
- Click the Settings (⚙️) icon in the extension.

![Web Mo 21.png](/uploads/Web_Mo_21_60ff6665ae.png)

- Navigate to the 'Rate tab'.
- Change the rate or toggle continuous payments off.

#### 2. One-Time Payments
You can also support creators with specific amounts, as long as those amounts do not exceed your wallet balance.
- Enter the amount you want to send (must be within your set budget).
-  Click 'Send Now'.

![Web Mo 24.png](/uploads/Web_Mo_24_fb5c957e5c.png)

As shown below, the payment has been successfully sent to the creator’s wallet and the supporter’s wallet has been debited. Also note that the wallet address of the creator is shown in the transaction details.

![Web Mo 25.png](/uploads/Web_Mo_25_be85fca9d1.png)

![Web Mo 27.png](/uploads/Web_Mo_27_8e574864fc.png)

Sometimes, you might see the notification below after making a payment. Don’t worry, simply check your Chimoney App wallet balance and transaction history to confirm the payment.

![Web Mo 26.png](/uploads/Web_Mo_26_83c2d250e5.png)
___
### What Happens After a Supporter Sends a Payment
Once a supporter sends payment to a creator, the money is instantly deposited into the creator’s Chimoney App wallet. The creator will receive:

- An email notification confirming they’ve received a payment.

![Web Mo 28.png](/uploads/Web_Mo_28_568c0283ce.png)

- ‘Web Mo Deposit’ Transactions in their transaction history, showing that they have received Web Monetization transactions.

![Web Mo 29.png](/uploads/Web_Mo_29_a29f0f119e.png)

As shown above, for each transaction received, the wallet address of the supporter is attached.


> Note: Web monetization payments are anonymous, the creator will not see the supporter’s personal details.

Creators can then withdraw their earnings using any of the following methods:
- **Direct Bank Cashout** – available in Mexico, Canada, U.S., Nigeria.
- **Mobile Money Cashout** – available in 14 countries.
- **Instant Transfer** – SPEI in Mexico, Interac e-Transfer in Canada.
- **Send to Email or Phone Number** – for flexible cashout options in even more countries.

___
## Need Help?
If you need assistance along the way, visit the [**Web Monetization Support Page**](https://helpcenter.chimoney.app/hc/live/en/categories/web-monetization) for step-by-step guides and answers to common questions. Our support team is also available through the Chimoney App if you encounter any issues during setup.

Learn how to earn as a creator or support your favorite content with Web Monetization using Chimoney. Follow our step-by-step guide to set up your wallet, complete KYC, and start sending/receiving payments instantly!

How to Get Started with Web Monetization using Chimoney App

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A world without financial borders, where money moves as effortlessly as an email, this has always been the Chimoney vision. Today, we're celebrating a major milestone on that journey: the successful completion of our [**Interledger Foundation partnership**](https://chimoney.io/blogs/chimoney-and-interledger-expanding-global-financial-access/) prototyping project.

For the past year, we've been working tirelessly to integrate the [**Interledger Protocol**](https://interledger.org/interledger) (ILP) into our platform, turning a bold vision into a tangible reality. We approached this project not just by adding new tools, but by securing the infrastructure needed for a truly open and inclusive financial future. Now, with our infrastructure live and regulatory foundation secured, we're ready to scale.

So, how did we get here? And what does this mean for you, our users and partners? Let’s dive in.
___
## A Vision for a Connected World
The journey to an open, global payment network is filled with challenges. Cross-border payments are often slow, expensive, and fragmented. Our goal was to build a “fintech-in-a-box” solution that's modular, interoperable, and developer-friendly, with Interledger built right in.

Throughout this project, we focused on three key objectives:

- Simplify cross-border payments for everyone.
- Simplify developer access to ILP-based financial tools like Rafiki
- Empower individuals and businesses in underserved markets.

We’re incredibly proud to say we've not only met these goals but have already begun to see their impact in the real world. Our team successfully deployed the latest version of Rafiki v1.1.2-beta (_latest version at time of implementation_), [**built new APIs**](https://chimoney.io/api-use-cases/?activeCategory=4) for creating and transferring funds to Interledger wallet addresses, and launched our very own consumer app, the  [**Chimoney App**](https://chimoney.app/). This positions us as an ILP-powered wallet for Canada and the global diaspora. It’s now easier than ever to send money to anyone, anywhere, using just a wallet address.
___
## Our Journey, by the Numbers
The true measure of our success lies in the progress we've made and the people we've impacted. This project has been a story of rapid growth and foundational achievements.

- **Transactions in under 6 seconds!** Our Interledger-enabled transactions consistently settle in a fraction of the time it takes for traditional payment rails. 

![Frame 928873.png](/uploads/Frame_928873_b8493682e9.png)

- Over **5,000 wallet addresses** have been generated in our sandbox, showing strong traction from developers using our new Dev Portal and API documentation, while more than 170 Interledger-enabled wallet addresses were created in production during our soft launch, demonstrating strong initial demand for ILP-native wallets.

- We've signed four **new integration contracts** with partners across the Caribbean, Canada, and Africa, all powered by our new Interledger infrastructure.

Our growth is more than numbers but also the tangible impact on people's lives. We've already facilitated hundreds of pilot payouts to student groups and community contributors across Africa, Latin America, and Asia. The feedback is consistent: our intuitive onboarding process and the life-changing ability to receive payments without a traditional bank account is making a real difference.
___

## A commitment to  Compliance and Innovation
In fintech, building trust is paramount. This is why a cornerstone of our project was our commitment to compliance. We aimed to not just build a new technology but also a compliant platform ready for the world.

Our efforts included:

- A comprehensive external audit to ensure our platform meets the highest standards.
The implementation of enhanced **Know Your Customer** (KYC) and **Anti-Money Laundering** (AML) procedures, which are critical for the security of our Interledger wallets. _Learn more about this_  [_**here**_](https://chimoney.io/blogs/the-role-of-aml-and-kyc-in-modern-fintech-chimoney-s-approach-to-compliance/).
- Deep alignment with Canadian regulations, including the Retail Payment Activities Act (**RPAA**) and Financial Transactions and Reports Analysis Centre of Canada (**FINTRAC**), with formalized reporting procedures.
- Successful compliance onboarding with regulated partners like Bitso in Mexico, which enables seamless local MXN settlement for our Interledger-connected wallets.

All this has helped us create a safe, secure ecosystem people can trust. We’ve also kept our deployed Rafiki instance running with a 99.9% uptime SLA to maintain that trust.
![Frame 928867.png](/uploads/Frame_928867_49fca979e1.png)

_You can learn more about KYC and Compliance at Chimoney in this [video](https://www.youtube.com/watch?v=O2PUfRaglZs)._
___

## Empowering Global payments & Web monetization
Our Interledger integration has made it easier than ever to send and receive money across borders. We've built a robust system that manages the flow of funds both into and out of the network, supporting a wide array of collection and payout options for our users:

- **Collections**: We enabled payments to be collected in USD (via Wire or ACH), CAD (via Interac), and NGN (via bank transfer or debit card).
- **Payouts (Faster & More Diverse)**: Payouts can be sent via **instant bank transfers** to Mexico and Nigeria, **Real-Time Payment** (RTP) systems like SPEI in Mexico and Interac in Canada, and even **Mobile Money** in 13 countries across Africa.

Beyond traditional payments, we’ve enabled new possibilities for the digital economy. We have successfully implemented a comprehensive identity authentication and verification system that allows Chimoney App users to participate in [**Web Monetization**](https://interledger.org/web-monetization). 

![REYYNl_L5Dw-HD.jpg](/uploads/REYY_Nl_L5_Dw_HD_c5105df41c.jpg)

This enables creators to earn micropayments directly from their websites and digital content, providing a new way to monetize their work and receive payments without a traditional bank account. 

You can watch our demos to see it in action:
- [_How to connect your Chimoney App wallet to the Web Monetization extension_](https://www.youtube.com/watch?v=REYYNl_L5Dw)
- [_The Web Monetization payment flow within the Chimoney ecosystem_](https://youtu.be/brx8NOr44c0?list=PLDHju0onYcAIfS_ZAXlKpIYBAfu6F2Rkp&t=973)

___

## The Road ahead: Scaling our impact
The completion of this prototyping project now allows us to move from a proven prototype to a fully operational, scaled-up service that will truly revolutionize global payments.

Our vision for what's next includes:
- **Launching Interledger Infrastructure as a Service** (IIaaS) to General Availability (GA) at the upcoming [Interledger Summit](https://interledger.org/summit). IIaaS is our solution to simplify how other companies and financial institutions can join the Interledger network. Instead of building their own complex infrastructure from scratch, they can easily leverage the power of ILP through our API.
- **Scaling our user acquisition** in key emerging markets across Africa, Latin America, and Asia.
- **Formalizing peering relationships** with other licensed Interledger network nodes to create a fully regulated, interconnected payment network.

We believe that by building this open, inclusive, and efficient global payments infrastructure, we can serve millions of people and businesses worldwide.
___

## Lessons learned and recommendations
Our prototyping phase provided invaluable insights that will guide our next steps:
- Regulatory compliance is foundational, not optional. Our early investment in governance and KYC/AML allowed for faster integrations later.
- Developers want clear APIs and fast integration. Our Dev Portal and Interledger tutorials saw higher-than-expected engagement.
- Users in emerging markets value earn-first wallets more than just sending capabilities.

We will continue to apply these lessons by prioritizing compliance planning, focusing on developer tooling, and tying the ILP value proposition to compelling, real-world use cases.
___

## A Heartfelt Thank you
This journey would not have been possible without the support of the Interledger Foundation. Their faith in our vision and their guidance has been instrumental.

We are also deeply grateful to our amazing team, our dedicated partners, and every user who has believed in us. Together, we are building the future of payments.

If you’d like to partner with Chimoney to build the future of payments, [**contact our team**](https://chimoney.io/) to discuss how our ILP-powered solutions can transform your business.





Discover how Chimoney integrated the Interledger Protocol to simplify cross-border payments, enable Web Monetization, and build a secure, compliant platform empowering users and businesses worldwide.

An Inside Look at Chimoney’s Interledger Integration: Results and Impact So Far

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The journey of a startup is all about momentum. We build, we learn, and we celebrate the milestones that propel us forward. Today, we're excited to share another significant step in our mission to create a world without financial borders.

We've been selected to join the inaugural cohort of [**AC:RevLab**](https://www.acceleratorcentre.com/resources/news/accelerator-centre-announces-inaugural-cohort-for-ac-revlab-supporting-early), a high-impact scale-up program backed by the Government of Canada through the [**Federal Economic Development Agency for Southern Ontario**](https://feddev-ontario.canada.ca/en) (FedDev Ontario) and powered by the prestigious [**Accelerator Centre**](https://www.acceleratorcentre.com/). Think of AC:RevLab as less of a program and more of a growth engine, a strategic initiative designed to help companies like ours turn early wins into a powerful, repeatable machine for scale.

For us at Chimoney, this is a game-changer. We've spent years building a robust payment infrastructure that empowers businesses, communities, and startups to move value globally with ease. We've been part of incredible programs before, from [**Techstars Toronto**](https://chimoney.io/blogs/techstars-backs-chimoney-to-revolutionize-global-payouts/) and the [**Google for Startups Accelerator**](https://chimoney.io/blogs/google-for-startups-accelerator-reflections-a-transformative-journey-for-chimoney/), to the [**Accelerator Centre Studio program**](https://chimoney.io/blogs/chimoney-at-the-accelerator-center-studio-program-ac-studio-reflections-and-excitement-till-date/). Now, with AC:RevLab, we're getting the tactical support to match our go-to-market strategy with the incredible momentum we've already built, including our current partnership with [**Interledger**](https://chimoney.io/blogs/chimoney-and-interledger-expanding-global-financial-access/) to build the future of open payments.

> As our CEO, Uchi Uchibeke, puts it: "Chimoney is built to power seamless, cross-border payouts for businesses and platforms globally. Joining AC:RevLab allows us to sharpen our go-to-market execution and build the growth engine that matches our mission and momentum."

## Why AC:RevLab is the Right Fuel for Our Engine
No one builds a global movement alone. The AC:RevLab program, delivered through the Scale-Up Platform with [Communitech](https://communitech.ca/), offers the kind of expert support that turns potential into reality. It’s an opportunity to learn from the best and build alongside other high-potential companies.

Through this journey, we'll gain access to:
- Tactical mentorship from sales and revenue experts.
- Hands-on support from partners like HubSpot to build world-class systems.
- A rich ecosystem of founders, advisors, and investors who are all dedicated to helping us grow smarter, not just faster.

> Our Head of Global Operations, Babatunde Hammed, says: "This program is less about early traction and more about building sustainable scale. With expert support, mentors, and a network of experienced founders, AC:RevLab is giving us the space to refine and grow smarter, not just faster.”

## Where We're Headed Next
We've already laid a strong foundation with our global payout infrastructure and [**unified API**](https://chimoney.io/producthub/), which reaches over 130 countries and connects mobile money, banks, wallets, airtime, and gift cards. Now, with the support of AC:RevLab, we’re poised to take things even further. The program’s focus on go-to-market strategy will be instrumental in helping us scale and expand our solutions into new and existing markets.

This is a validation of the problem we’re solving and a signal of the incredible growth that's on the horizon. We're honored to be among the first companies selected, and we’re ready for the next chapter.

Want to see how Chimoney can simplify your global payouts? [**Book a discovery call**](https://chimoney.io/?book_a_demo=1) with us today and let's build the future of payments together.


Chimoney joins the Canada-backed AC:RevLab program to accelerate global expansion and revolutionize cross-border payments. Learn how this partnership will help us scale our solutions and build a world without financial borders.

Chimoney Joins Government of Canada–Backed Program, AC:RevLab, to Scale Global Expansion 🚀

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In this month, we launched our Go SDK, expanded to LATAM with MXN payouts, added Web Monetization support, and introduced new multi-currency wallet endpoints to improve your integration experience.
___

### New Features

- **Go SDK:**  We now have a Chimoney Go SDK to make integration easier and faster. You can start integrating with the SDK [**here**](https://github.com/chimoney/chimoney-go-sdk).

- **LATAM Bank Withdrawals:**  We've added support for bank withdrawals in LATAM, starting with MXN payouts via CLABE in Mexico.

- **Web Monetization Support:**  We've added support for Web Monetization (WebMo) transactions! You can now recieve Web Monetization payments via Chimoney, and those transactions are now automatically recognized and labeled as WebMo.  _(You can read more on how to set up and get started with Web Monetization [**here**](https://chimoney.io/blogs/introduction-to-web-monetization-on-chimoney/))_
___

### API Updates

- **Documentation Improvements:**  Updated API documentation for [**`beneficiary-rules`**](https://api.chimoney.io/v0.2.4/api-docs/#/Info/get_v0_2_4_info_beneficiary_rules__countryCode_) endpoint to clarify available payment method options (_Wire, iACH)_

- **New Endpoints:**  
 > [**`Multicurrency-wallets/request`**](https://api.chimoney.io/v0.2.4/api-docs/#/MultiCurrency%20Wallets/post_v0_2_4_multicurrency_wallets_request) – Enables parent accounts to issue new multi-currency "chi" wallets to subaccounts, with validation against supported currencies  

> [**`Multicurrency-wallets/bank-account`**](https://api.chimoney.io/v0.2.4/api-docs/#/MultiCurrency%20Wallets/post_v0_2_4_multicurrency_wallets_bank_account) – Allows parent accounts to issue bank accounts (e.g. CLABE) to subaccounts in supported currencies


Discover Chimoney's latest product and API updates for May, including Go SDK, MXN payouts, and multi-currency wallet enhancements.



May 2025 Changelog

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Financial institutions (FIs) of all sizes across the globe have digitally transformed to improve their customer experience, boost operational efficiencies, and keep their customers safe. The next step is to leverage the significant strides made in digital compliance.

eKYC (electronic Know Your Customer) is rapidly being adopted worldwide, with both developed and emerging economies implementing technologies such as digital identity verification to streamline onboarding and improve financial inclusion. Governments and financial institutions are also leveraging eKYC to improve access to banking, reduce fraud, and comply with Anti-Money Laundering (AML) regulations, and eKYC is seeing particularly robust growth in countries that are rolling out digital ID initiatives.

In 2024, the global eKYC market size was valued by the [IMARC Group](https://www.imarcgroup.com/) at USD 805.8 million, and looking ahead, the company estimates the market to reach USD 3,562 million by 2033, showing a CAGR (Compound annual growth rate) of 17.74% during the period.


![ILP Instrumental in Growth 1.png](/uploads/ILP_Instrumental_in_Growth_1_0c5d8babda.png)

At [Chimoney](https://chimoney.io/), we've positioned ourselves at the forefront of this transformation. As a fintech company simplifying global payments and enabling seamless cross-border financial transactions, we've developed a comprehensive eKYC and anti-money laundering solution that reflects our commitment to both innovation and compliance.

We're setting a new standard in digital compliance by integrating eKYC with advanced financial technology infrastructure. This allows us to offer bankless financial services while maintaining anti-fraud protections, and we see it as a necessary evolution for fintechs navigating increasingly stringent regulatory landscapes.

These advancements come at a crucial time, as the importance of robust financial compliance is being underscored by global regulatory crackdowns such as the significant fine recently levied against TD Bank for AML failures.

## Creating a Digital Compliance Ecosystem

At Chimoney, our approach is rooted in a multi-layered technological framework that combines artificial intelligence, real-time monitoring, and advanced verification techniques. We've created a digital compliance ecosystem that surpasses traditional methods, offering a smart, adaptable system that evolves alongside emerging financial threats.

The backbone of our platform is a sophisticated AI-powered verification engine. Unlike legacy systems, ours enables instant document validation, automated cross-checking against global databases, and real-time fraud detection, all built for scale and speed.

By leveraging machine learning algorithms, our system constantly refines its ability to spot suspicious transaction patterns, creating a proactive, rather than reactive, approach to financial security.

![ILP Instrumental in Growth.png](/uploads/ILP_Instrumental_in_Growth_7ab2bf0892.png)

Chimoney's eKYC verification process begins with advanced ID checks powered by our proprietary technology, incorporates video-based liveliness detection, and cross-references user data against global sanctions and watchlists. Each user is then subject to a thorough manual review by our compliance team because at Chimoney, we believe technology should empower, not replace, human judgment.

Our system goes far beyond verification. We've engineered it to detect complex money laundering strategies, flag unusual transaction behavior, and deliver comprehensive compliance reporting. For financial institutions, this means compliance isn't a bottleneck but a competitive edge.

By analyzing data such as transaction frequency, speed, value, and origin, our AI can flag suspicious activity nearly in real time. This approach marks a decisive step forward from traditional, retrospective methods.

## Collaboration as a Catalyst for Safer Finance

Collaboration is at the heart of Chimoney’s ethos. Banks sharing AML information can significantly enhance the integrity of the global financial system, helping organizations detect and prevent financial crimes.

Currently, many financial institutions operate in silos, limiting visibility into broader suspicious activity patterns. But with advanced eKYC systems like ours, equipped with AI and machine learning, it becomes possible to create more unified, intelligent monitoring systems capable of detecting complex financial crimes across institutional boundaries.

## Building the Future Together

Our continued commitment to compliance, combined with adherence to Canadian regulatory requirements—namely compliance with FINTRAC (Financial Transactions and Reports Analysis Centre of Canada), the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), and the Retail Payment Activities Act (RPAA), strategically positions us to strengthen our platform through regulatory alignment, increased trust, and scalable innovation.

Looking ahead, we're focused on enhancing pattern recognition, refining behavioral analytics, and integrating more external data sources to deliver even deeper risk assessments.

As financial crimes become increasingly sophisticated, our approach demonstrates the critical role of technology in maintaining financial integrity. By leveraging artificial intelligence, advanced verification techniques, and innovative compliance solutions, we are showing what is possible with a great digital compliance foundation.

Learn how Chimoney utilizes eKYC to improve digital compliance, prevent financial fraud, and facilitate secure cross-border payments.


Digital Compliance and eKYC Pave the Way for a Safer Global Financial Ecosystem

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This update includes new features, updates, and key fixes designed to make your integrations with the Chimoney API more seamless.

## New Features

We’ve added the following endpoints:

**Get Country States/Regions**  
[`GET /v0.2.4/info/country-states-regions`](https://chimoney.readme.io/reference/get_v0-2-4-info-country-states-regions)  
Returns a list of states or regions for a given country (for example “California” for the US). Useful for address validation.

**Bank Search**  
[`GET /v0.2.4/info/bank-search`](https://chimoney.readme.io/reference/get_v0-2-4-info-bank-search)  
Search for banks in a specific country with pagination support. Supports international banks.

**Get Beneficiary Rules by Country**  
[`GET /v0.2.4/info/beneficiary-rules/{countryCode}`](https://chimoney.readme.io/reference/get_v0-2-4-info-beneficiary-rules-countrycode)  
Fetch validation rules required for beneficiaries in supported countries (US, Mexico, Peru, Canada).

### Beneficiary Route

We’ve introduced a dedicated Beneficiary Route to make managing payees easier:

**List Beneficiaries**  
[`GET /v0.2.4/beneficiary`](https://chimoney.readme.io/reference/get_v0-2-4-beneficiary) - View all beneficiaries linked to an account.

**Create Bank Beneficiary**  
[`POST /v0.2.4/beneficiary/bank`](https://chimoney.readme.io/reference/post_v0-2-4-beneficiary-bank) - Add a new bank beneficiary directly via the API.
___

## Updates

- Improved examples and field descriptions for [sub-accounts](https://chimoney.readme.io/reference/post_v0-2-4-sub-account-create) and [multi-currency wallet](https://chimoney.readme.io/reference/post_v0-2-4-multicurrency-wallets-create) creation (`firstName`, `meta`, `id`).
- Clarified required fields in the multi-currency wallet [`/create`](https://chimoney.readme.io/reference/post_v0-2-4-multicurrency-wallets-create) and [`/list`](https://chimoney.readme.io/reference/get_v0-2-4-multicurrency-wallets-list) endpoints.
- Removed `subAccount` as a required field in the Multi-currency wallet [transfer](https://chimoney.readme.io/reference/post_v0-2-4-multicurrency-wallets-transfer) documentation.

- Users can now create and manage beneficiaries under sub-accounts.

- Sender’s bank details are now returned in the response when a [payment is initiated](https://chimoney.readme.io/reference/post_v0-2-4-payment-initiate).

- We enforced stricter validation rules across the API, including a minimum of two characters for bank search queries, ISO country code validation for all address fields, and clearer error messages for bank-related operations.

___
## Fixes

- Improved error messages now include more specific authentication failure codes, improved redemption failure details (such as `valueInUSD`, `amount`, and wallet currency), and clearer error responses for invalid bank lookups.
- Fixed duplicate wallet funding alerts triggered during admin actions.

---

Ready to try the new features? [Visit Chimoney API docs](https://chimoney.readme.io/reference/introduction) or explore them via [Swagger](https://api.chimoney.io/v0.2.4/api-docs/).


Discover the latest features, fixes and updates from Q1 2025.

Q1 2025 Changelog

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Financial institutions face growing pressure to modernize payment infrastructure amid rising demand for fast, low-cost cross-border transactions. They must balance legacy systems with modern demands for instant, cross-border settlements while maintaining security, compliance, and cost-effectiveness. The fragmentation of global payment systems has created a complex ecosystem where institutions struggle to provide seamless experiences across different currencies, jurisdictions, and payment rails.

This article explores how Chimoney's integration with the Interledger Protocol (ILP) offers financial institutions a solution to these challenges, providing a technical analysis of the architecture, implementation considerations, and strategic advantages of adopting this technology stack.

## The Current State of Payment Infrastructure

Traditional payment infrastructure within financial institutions typically consists of:

- **Core Banking Systems**: Often decades-old technology handling account management and ledger operations.
- **Payment Processors**: Specialized systems for handling various payment types (ACH, wire transfers, cards).
- **Correspondent Banking Networks**: Relationships facilitating cross-border transactions.
- **Settlement Systems**: Mechanisms for finalizing transactions between institutions.

These systems frequently operate in silos, leading to inefficiencies such as:

- Long settlement times (_T+1 to T+3, where "T" refers to the transaction date and the number indicates how many business days until settlement_) for many cross-border transactions.
- High operational costs from maintaining multiple integration points.
- Liquidity management challenges across different currencies and systems.
- Complex reconciliation processes.
- Limited visibility into end-to-end transaction status.

## The Interledger Protocol: Technical Foundation

The Interledger Protocol represents a paradigm shift in payment infrastructure design. At its core, ILP is:

- **A packet-switching protocol for money**: Similar to how IP routes data packets across networks, ILP routes payment packets across financial networks.
- **Network-agnostic**: Operates across any payment system, cryptocurrency, or fiat currency.
- **Connectionless**: Does not require persistent connections between participants.
- **Settlement-agnostic**: Works with any settlement method agreed upon by adjacent nodes.

### Key ILP Components

- **Connectors**: Network nodes that forward packets between different ledgers.
- **Packets**: Small units of value transferred with accompanying data.
- **STREAM Protocol**: Application layer protocol for sending money and data.
- **Payment Pointers**: Standardized payment addressing scheme (similar to email addresses for payments).
- **Open Payments**: API standard for initiating and receiving payments.

## Chimoney's Interledger Implementation

![Architecture Diagram.png](/uploads/Architecture_Diagram_0d3138e0c8.png)

Chimoney has implemented ILP, allowing financial institutions to integrate directly with Chimoney's endpoints without needing to build their own Interledger implementation. This dramatically simplifies adoption, reducing technical complexity and accelerating time-to-market.

Chimoney provides two powerful API endpoints that make Interledger integration seamless:

- **Issue Payment Pointers**: Financial institutions can integrate the Interledger Protocol into their platform without deploying Rafiki or their own node. This endpoint allows institutions to issue custom Payment Pointers to their users, enabling use cases such as Web Monetization, Open Payments, and cross-border transactions.

- **Pay with Payment Pointers**: This endpoint enables users to send and receive payments using Payment Pointers across different currencies and jurisdictions without requiring financial institutions to deploy their own Rafiki node. Institutions can build powerful payment capabilities using Chimoney's Interledger API.

_Checkout [this blog to learn more about the real-world use cases of the 'issue payment pointer' and 'transfer between payment pointers' endpoints.](https://chimoney.io/blogs/building-the-future-of-cross-border-remittances-with-chimoney-and-interledger/)_


These endpoints are supported by Chimoney's comprehensive Interledger implementation consisting of three major components, all fully operational and ready for financial institutions to connect with:


- **Chimoney Identity Provider (Consent Screen)**: Manages user authentication and consent flows for third parties interacting with Chimoney's Rafiki deployment via Open Payments.

- **Account Service (Chimoney's API Interledger Service)**: Acts as the bridge between Chimoney's systems and the Interledger Protocol, handling all the complex interactions with the ILP network.

- **Chimoney's Rafiki Deployment**: The core ILP infrastructure that handles the routing, packet switching, and settlement processes.

## Technical Implementation Considerations

### Integration Approach for Financial Institutions

Financial institutions can connect to Chimoney's Interledger-enabled services through these straightforward methods:

- **Issue Payment Pointers API**: Integrate this endpoint to issue custom Payment Pointers to users, enabling numerous use cases without any Interledger infrastructure requirements.

- **Pay with Payment Pointers API**: Implement this endpoint to allow users to send and receive payments across currencies and jurisdictions using Payment Pointers.

- **Peering Relationship**: For institutions with more advanced requirements, establish a peering connection with Chimoney.

The integration process is streamlined since financial institutions don't need to:

- Deploy their own Rafiki nodes.
- Build consent screens.
- Implement complex ILP packet handling.
- Manage the technical complexities of the Interledger Protocol.

### Flow of Funds
![Flow of Funds.png](/uploads/Flow_of_Funds_1b82ea4ba6.png)

Chimoney's implementation supports several key transaction flows, all accessible through their simple API endpoints:

- **Between Chimoney Issued Wallet Addresses**:
  - A user initiates a payout to a supported Interledger Wallet Address.
  - The funds flow through Chimoney's pre-built Interledger infrastructure.
  - All complex routing and settlement is handled automatically.
  
- **Chimoney to Peer / Peer to Chimoney**:
  - Transactions between Chimoney and its peers are denominated in USD.
  - Financial institutions can leverage this existing infrastructure rather than building their own.
  
- **Chimoney to Third Party App**:
  - Third parties can communicate with Chimoney's Interledger Infrastructure using Open Payments.
  - The entire consent flow and transaction processing is handled by Chimoney's components.

### Peering with Chimoney

For financial institutions that want to establish a direct peering relationship with Chimoney (rather than just using their API endpoints), the process is well-defined:

- Running an Interledger connector (e.g., Rafiki).
- Agreement on USD as the asset for the peering relationship.
- Communication of static ILP addresses.
- Exchange of connector endpoints and authentication tokens.

However, many institutions can benefit from Chimoney's Interledger capabilities without needing to establish a peering relationship, simply by integrating with their API endpoints.

## Strategic Advantages for Financial Institutions

Implementing Chimoney's ready-to-use Interledger solution provides financial institutions with several competitive advantages:

1. **Rapid Time-to-Market**:
  - Avoid the complexity of building their own ILP implementation.
  - Integrate Payment Pointers functionality in days or weeks, not months.
  - Focus resources on their core business rather than technical infrastructure.
  - Leverage Chimoney's expertise in Interledger technology.

2. **Reduced Settlement Risk and Costs**:
  - Benefit from Chimoney's pre-charge approach that minimizes settlement risk.
  - Take advantage of established event-driven processing.
  - Access optimized liquidity management across different corridors.
  - Reduce operational costs through streamlined integration.

3. **Enhanced Interoperability**:
  - Issue and accept Payment Pointers across different systems.
  - Access Chimoney's established network of peers.
  - Leverage Open Payments compatibility.
  - Future-proof their payment infrastructure.

4. **Improved Customer Experience**:
  - [**Web Monetization**](https://chimoney.io/blogs/introduction-to-web-monetization-on-chimoney/) for content creators.
  - Frictionless P2P payments.
  - Cross-border transactions without complexity.
  - Support for diverse use cases.

## Implementation Roadmap for Financial Institutions

Financial institutions looking to leverage Chimoney's Interledger capabilities should follow this streamlined approach:

### Phase 1: Assessment and Planning
- Identify specific use cases that would benefit from Payment Pointers functionality.
- Determine whether to implement Issue Payment Pointers, Pay with Payment Pointers, or both.
- Define success metrics and integration timeline.
- Engage with the [**Chimoney team**](https://chimoney.io/?book_a_demo=1) to access documentation and support.

### Phase 2: Integration
- Implement the necessary API connections to Chimoney's endpoints.
- Configure webhook handlers for event processing.
- Establish the appropriate authentication mechanisms.
- Test basic transaction flows in Chimoney's sandbox environment.

### Phase 3: Limited Production Deployment
- Process transactions for a limited user base.
- Monitor transaction flows and performance.
- Gather user feedback.
- Optimize integration as needed.

### Phase 4: Full-Scale Deployment
- Expand to additional use cases.
- Scale transaction volume.
- Develop new product offerings leveraging Payment Pointers.
- Consider establishing a peering relationship if transaction volumes warrant it.

## Sample Use Cases

Chimoney's ready-to-use Interledger infrastructure enables several powerful use cases for financial institutions:

- **[Web Monetization](https://chimoney.io/blogs/introduction-to-web-monetization-on-chimoney/)**: Provide seamless micropayments for content creators using Payment Pointers.

- **[Cross-Border Transactions](https://chimoney.io/blogs/building-the-future-of-cross-border-remittances-with-chimoney-and-interledger/)**: Facilitate seamless payments between international customers and vendors using Payment Pointers without currency conversion complexity.

- **Open Payments**: Enable real-time, low-cost transactions across different financial networks.

- **Frictionless P2P between Account Servicing Entities**: Provide customers with instant, low-cost peer-to-peer transactions.

## Conclusion

Chimoney’s Interledger integration provides financial institutions with a better way to modernize their payment infrastructure, enabling fast, low-cost, and interoperable transactions without the complexity of building from scratch. By leveraging Chimoney’s Issue Payment Pointers and Pay with Payment Pointers endpoints, institutions can enhance cross-border payments, improve liquidity management, and reduce operational overhead.

For financial institutions ready to embrace innovation, Chimoney’s ILP integration provides a scalable, cost-effective, and future-proof payment solution. Transform your payment infrastructure today—visit [**chimoney.io**](https://chimoney.io/?book_a_demo=1) to get started.


Discover how Chimoney’s Interledger Protocol (ILP) integration optimizes payment infrastructure for financial institutions. Learn about seamless cross-border transactions, reduced costs, and enhanced interoperability with Chimoney’s ready-to-use ILP solutions.

Optimizing Payment Infrastructure for Financial Institutions: A Technical Deep Dive into Chimoney's Interledger Integration

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In developed markets like the U.S. and Europe, consumers have already embraced digital wallets, contactless payments, and instant transfers. But for businesses with global ambitions, payments are anything but straightforward.

Every region has its own unique preferences—mobile wallets dominate in Africa, while account-to-account transactions are favored in parts of Asia and Europe. Managing these diverse payment systems means juggling multiple integrations, navigating complex currency conversions, and ensuring compliance with ever-changing regulations. The result? A logistical nightmare that can slow expansion and increase costs.

[Chimoney’s Interledger-enabled](https://chimoney.io/blogs/building-the-future-of-cross-border-remittances-with-chimoney-and-interledger/) services simplify this challenge. By providing a unified platform for seamless cross-border transactions, Chimoney removes the friction of entering new markets. Businesses can integrate once and gain access to a global payments network, making international expansion faster, easier, and more efficient.

## The Cross-Border Payment Challenge for Expanding Businesses
Different regions exhibit distinct payment preferences, which can vary significantly from one market to another. For instance, some markets favor OEM wallets like Apple Pay and Google Pay, while others rely heavily on retailer-specific payment apps. Many regions have adopted local payment solutions built on account-to-account rails, and global technology wallets like PayPal dominate in certain areas.

This fragmentation poses significant barriers to entry for businesses seeking to expand globally. Managing multiple payment integrations, handling currency conversions, adhering to diverse compliance requirements, and navigating settlement processes across different markets can be overwhelming. The complexity of these tasks not only increases operational costs but also demands substantial resources to ensure seamless transactions. Furthermore, the need to comply with varying regulatory frameworks and manage risks such as fraud and security breaches adds to the challenge, making it essential for businesses to find innovative solutions to streamline cross-border payments effectively.

## Chimoney's Interledger-Enabled Solutions for Global Expansion
Chimoney has integrated with ILP to provide Interledger-enabled services specifically designed to solve these challenges. By leveraging the Interledger Protocol—an open, neutral standard for cross-border payments—Chimoney provides businesses with a single integration point that connects to multiple payment ecosystems worldwide.
Chimoney’s Interledger-enabled services include:

### Issue Payment Pointers
Businesses can integrate the Interledger Protocol into their platform without deploying Rafiki or their own node. With Chimoney, companies can issue custom Payment Pointers to their users, enabling use cases such as:

- **Web Monetization** – Providing seamless micropayments for content creators. [Learn more here](https://chimoney.io/blogs/introduction-to-web-monetization-on-chimoney/)

- **Open Payments** – Enabling real-time, low-cost transactions across different financial networks.

- **Cross-Border Transactions** – Facilitating seamless payments between international customers and vendors.

### Pay with Payment Pointers
Businesses can allow users to send and receive payments across different currencies and jurisdictions using Payment Pointers without deploying their own Rafiki node. This simplifies global transactions by:

- Reducing currency conversion complexity since payments are automatically routed using Interledger.

- Improving transaction speed as payments settle faster with optimized routing.

- Expanding financial inclusion by enabling cross-border payments in underbanked regions.

## Strategic Ways to Use Chimoney for Market Expansion
Chimoney's Interledger-enabled services offer businesses a platform to expand into new markets by simplifying cross-border payments and enhancing financial inclusion. Here are strategic ways businesses can leverage Chimoney for market expansion:

### 1. Cross-Border Payments

Use Case: Facilitate transactions between international customers and vendors by leveraging [Interledger Payment Pointers](https://chimoney.io/blogs/building-the-future-of-cross-border-remittances-with-chimoney-and-interledger/).

Benefits: Reduces currency conversion complexity, improves transaction speed, and expands financial inclusion in underbanked regions.

### 2. Enable Web Monetization

Use Case: Provide [micropayments for content creators](https://chimoney.io/blogs/introduction-to-web-monetization-on-chimoney/), allowing real-time compensation for digital content.

Benefits: Enhances engagement and transparency by rewarding users instantly for their contributions.

### 3. Simplify Payment Integration

Use Case: Integrate [Chimoney's Interledger-enabled endpoints](https://chimoney.io/api-use-cases/?activeCategory=4) to connect to multiple payment ecosystems worldwide with a single integration point.

Benefits: Reduces the complexity of managing multiple payment integrations, currency conversions, and compliance requirements.

### 4. Expand into Underbanked Regions

Use Case: Utilize Chimoney's [multi-currency wallets](https://chimoney.io/multi-currency-wallets/) to enable consumers without bank accounts to send and receive money globally.

Benefits: Bypasses significant bank fees and exchange rates, making cross-border payments more cost-effective.

### 5. Optimize Payment Routing and Settlement

Use Case: Fine-tune routing and settlement preferences to optimize payment flows across target markets.

Benefits: Ensures faster settlement times and reduced transaction costs by optimizing payment routes.

### 6. Gradual Market Rollout

Use Case: Gradually roll out services to new markets with Chimoney's support, ensuring smooth expansion.

Benefits: Allows businesses to test and refine their payment strategies in new markets before full-scale deployment.

## Getting Started with Chimoney's Interledger-Enabled Services
Businesses ready to leverage Chimoney for international expansion can follow this process:

- **Assessment**: [Chimoney's team](https://chimoney.io/?book_a_demo=1) evaluates your current payment needs and international expansion goals
- **Integration**: Implementation of [Chimoney's Interledger-enabled API](https://chimoney.io/api-use-cases/?activeCategory=4) with your existing systems
- **Testing**: Validation of payment flows across your target markets
- **Optimization**: Fine-tuning of routing and settlement preferences
- **Expansion**: Gradual rollout to new markets with Chimoney's support

_For developers who want to dive into the technical setup, you can learn more on [**A Developer's Guide to Enabling ILP Payments with Chimoney**](https://chimoney.io/blogs/a-developer-s-guide-to-enabling-ilp-payments-with-chimoney/)._

## Conclusion

As digital payments continue developing beyond simple checkout options, Chimoney's Interledger-enabled services provide the technical foundation businesses need to navigate this complexity across global markets.

Through Chimoney, even mid-sized businesses can now access enterprise-grade payment infrastructure that was previously available only to multinational corporations, democratizing access to global markets and creating new opportunities for expansion.
Ready to simplify global payments and expand your business effortlessly?
Chimoney's Interledger-enabled services provide the infrastructure you need to enter new markets, streamline transactions, and reduce payment complexities.
Visit [**chimoney.io**](https://chimoney.io) to learn more or [**book a meeting**](https://chimoney.io/?book_a_demo=1) with our team to discuss how Chimoney can support your business.



Expand into global markets with Chimoney’s Interledger-enabled services. Simplify cross-border payments, reduce costs, and enhance financial inclusion with seamless integration and real-time transactions. Discover how Chimoney can help your business grow globally.

How Businesses Can Use Chimoney's Interledger-Enabled Services to Expand into New Markets

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Micropayments, transactions typically valued under $5, have long been a challenge for the digital economy. Traditional payment systems were designed for larger transactions, with fees that often make small-value payments economically unfeasible. However, with Interledger and Chimoney, businesses can now fully leverage the full potential of small-value transactions, enabling new revenue models and ideal global payments.

## Why Traditional Micropayments Haven't Worked

While digital payments are now mainstream—90% of consumers in the U.S. and Europe have made digital transactions in the past year (McKinsey’s Digital Payments Survey)—the infrastructure for micropayments has lagged behind. Here’s why:

- **High Transaction Costs**: Most payment processors charge a fixed fee + a percentage of the transaction value. For small payments, these fees can eat up 20-30% or more of the transaction amount, making micropayments financially unviable.

- **Settlement Delays**: Many payment systems process transactions in batches, resulting in delays of 24-72 hours before funds are available. For real-time micropayment use cases, this timing gap creates significant operational challenges.

- **Technical Limitations**: Legacy payment networks weren't designed to handle high volumes of tiny transactions, creating scalability issues for micropayment-based business models.

- **Cross-Border Friction**: International micropayments face high fees, unfavorable exchange rates, and compliance challenges, limiting global adoption.

## Accept Global Micropayments with Interledger and Chimoney
Chimoney provides one of the most comprehensive implementations of Interledger Protocol, enabling businesses to accept micropayments worldwide through a single payment solution. Offering customers a checkout experience that supports tiny transactions in their local currency can be the difference between abandonment and completion of digital microtransactions.

Interledger Protocol serves as the underlying technology that makes efficient micropayments possible by:

- **Connecting Different Payment Networks**: Interledger functions as a protocol for routing payments across any two ledgers or payment networks, similar to how the internet protocol routes data packets.

- **Packet-Switching for Money**: By breaking payments into small packets that can be routed independently, Interledger dramatically reduces the cost and increases the speed of transactions.

- **Conditional Transfers**: Using cryptographic holds, Interledger ensures that funds move securely between parties without requiring trust between intermediaries.

Chimoney builds upon these capabilities to provide businesses with accessible tools for implementing micropayment solutions, including a checkout service with Interledger as an option and Web Monetization integration.

## Web Monetization: Micropayments for Content Creators
Chimoney has integrated web monetization powered by Interledger, allowing content creators and users to earn directly from the web. This implementation represents a significant advancement in micropayment technology for content creators, bloggers, and digital artists.

## Drive Conversions by Implementing Micropayment Solutions

Offering customers the ability to make small purchases increases engagement and builds new revenue streams. With diverse payment preferences around the world, businesses also need a global micropayment solution that works across currencies and payment methods.

With Interledger's universal protocol and Chimoney's implementation expertise, launching micropayment capabilities is faster and more accessible than ever before. 

### Option 1: Accept Micropayments via Chimoney Checkout

You can implement Chimoney’s Checkout service by:
- Integrating the ‘[Initiate Payment](https://chimoney.readme.io/reference/post_v0-2-4-payment-initiate) endpoint into your product or service:
- The endpoint will generate a payment link for the user.
- The payment link will include various payment options, including Interledger.
- This allows the user to make payments via Interledger seamlessly.

### Option 2: Set Up Web Monetization with Chimoney
You can get started with web monetization on Chimoney by following these steps:

- Create a [Chimoney Account](https://dash.chimoney.io/) 
- Obtain a Payment Pointer by logging into the Chimoney Dashboard.
- Click "Create Interledger Wallet Address" to generate your Payment Pointer.
- Install the latest version (≥ 0.3.0) from the Chimoney Web Monetization page [here](https://chromewebstore.google.com/detail/web-monetization-extensio/oiabcfomehhigdepbbclppomkhlknpii)
- Enter Your Interledger Wallet Address
- Copy and paste your Payment Pointer into the WebMo extension.
- Follow the on-screen instructions to complete the setup.

## Additional Benefits and Considerations when Implementing Micropayments
When integrating micropayment capabilities through Interledger and Chimoney, these are some of the additional advantages businesses can realize:

- **New Business Models**: Micropayments enable innovative approaches like pay-per-use, incremental content access, and granular service tiers that weren't previously possible.

- **Global Reach**: With Interledger's universal connectivity and Chimoney's implementation, businesses can accept micropayments from customers worldwide without establishing banking relationships in each country.

- **Reduced Fraud Risk**: The packet-switching nature of Interledger reduces exposure to fraud by limiting the amount at risk in any single transaction.

- **Instant Settlement**: Unlike traditional payment systems, Interledger-powered solutions provide near-real-time settlement, enabling time-sensitive micropayment applications.

## Conclusion

Micropayments represent one of the most promising frontiers for business innovation. By removing the economic and technical barriers to small-value transactions, Interledger and Chimoney are enabling entirely new business models and revenue streams that simply weren't possible in the traditional payment ecosystem.

Want to explore new revenue streams with micropayments? Sign up for [Chimoney](https://chimoney.io/?book_a_demo=1) and integrate Interledger-powered payments today.




Learn how Interledger and Chimoney are changing micropayments. Their tools make small payments fast, cheap, and easy, helping businesses and creators earn more.

Interledger and Chimoney’s Impact on Micropayments in the Digital Economy

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We've upgraded the Chimoney API to v0.2.4, bringing you powerful new features and updates to improve your integration experience!
___
## What's New:

### New Beneficiary Management Routes

Our latest update simplifies beneficiary management with new endpoints:

- **[Get Account Beneficiaries](https://chimoney.readme.io/reference/get_v0-2-4-beneficiary)**: Retrieve all beneficiaries associated with an account.

- **[Create a Bank Beneficiary](https://chimoney.readme.io/reference/post_v0-2-4-beneficiary-bank)**: Add bank beneficiaries with streamlined validation.

### Enhanced Info Routes

- **[Bank Search](https://chimoney.readme.io/reference/get_v0-2-4-info-bank-search)**: Search for banks in specific countries (international banks supported)

- **[Get Beneficiary Rules](https://chimoney.readme.io/reference/get_v0-2-4-info-beneficiary-rules-countrycode)**: Access country-specific validation rules for beneficiaries

_Check out our [**latest blog post**](https://chimoney.io/blogs/effortless-global-payouts-via-api-manage-beneficiaries-and-send-money-with-chimoney/) for more information on how you can integrate these new endpoints._
___

### Improved Error Handling

We've also expanded our documentation with comprehensive guides on:

- Error types and status codes

- Best practices for handling different error scenarios

- Detailed error code descriptions and resolution steps

_Visit the new [**error handling page**](https://chimoney.readme.io/reference/error-handling) to learn more about the improved error messages and resolution steps._
___

## Get Started

Upgrade to v0.2.4 today to take full advantage of these new features! Check out our [**updated documentation**](https://chimoney.readme.io/reference/introduction) for implementation details and examples.

For any questions or support, feel free to reach out to us at support@chimoney.io.

Chimoney API v0.2.4 is here! 🚀 Introducing new beneficiary management endpoints, improved bank search,  and improved error handling. Upgrade now for a smoother integration experience. 

Chimoney API Update: v0.2.4 Now Live! 🚀

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# Introduction

The rise of digital finance has revolutionized global payments, enabling seamless transactions across borders. However, this rapid growth has also introduced new risks such as money laundering, fraud, and financial crimes that regulators seek to mitigate. **Anti-Money Laundering (AML)** and **Know Your Customer (KYC)** regulations are at the core of financial compliance, ensuring that fintech companies operate securely while preventing illicit activities.

At Chimoney, compliance is embedded in our operations. As we expand our footprint globally, including in Canada, we remain committed to maintaining robust AML and KYC frameworks that align with Canadian regulatory standards under the **Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA)** and oversight by the **Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)**.

# Understanding AML and KYC in the Canadian Fintech Ecosystem

## What is Anti-Money Laundering (AML)?
AML regulations are designed to prevent financial institutions and payment companies from being used to launder illicit funds or finance criminal activities. These laws require fintech companies like Chimoney to:

- Monitor and report suspicious transactions.
- Conduct due diligence on customers and businesses.
- Implement strong internal controls to prevent money laundering.

In Canada, AML laws are primarily enforced under the **PCMLTFA**, with oversight from **FINTRAC**.

## What is Know Your Customer (KYC)?

KYC is a subset of AML that requires financial institutions to verify customer identities before they can access financial services. This ensures that fintechs like Chimoney:

- Verify users' identities using government-issued documents.
- Assess the risk level of customers and monitor transactions.
- Prevent fraud by ensuring only legitimate individuals and businesses access financial services.

Under Canada’s AML regime, KYC is mandatory for businesses engaging in financial transactions, including those categorized as **Money Services Businesses (MSBs)**.

# Key AML & KYC Regulations in Canada

## 1. The Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA)

The PCMLTFA is Canada’s primary AML law, requiring fintechs like Chimoney to:
- Register with FINTRAC as a Money Services Business (MSB).
- Conduct customer due diligence (CDD) to verify customer identities.
- Monitor and report suspicious transactions that could be linked to money laundering.
- Implement record-keeping requirements for transactions over CAD $10,000.

## 2. FINTRAC (Financial Transactions and Reports Analysis Centre of Canada)

As Canada’s financial intelligence unit, FINTRAC oversees AML compliance and requires fintech companies to:

- Submit Suspicious Transaction Reports (STRs) when identifying potential money laundering activities.
- Submit Large Cash Transaction Reports (LCTRs) for transactions over CAD $10,000.
- Develop AML compliance programs, including employee training and internal risk assessments.

## 3. The Retail Payment Activities Act (RPAA) and AML Compliance

Under the Retail Payment Activities Act (RPAA), which Chimoney has completed registration for, specifies that payment service providers must meet AML/KYC obligations similar to those of banks, ensuring all users and transactions comply with Canada’s financial security standards.

# How Chimoney Ensures AML & KYC Compliance in Canada

At Chimoney, we have implemented a comprehensive AML & KYC framework to comply with FINTRAC and RPAA requirements while providing a secure and seamless payment experience.

## 1. Customer Verification and KYC Procedures

![Chimoney KYC process](/uploads/image_9_9eb76a2bfa.png)

- Identity Verification: We require customers to submit valid government-issued IDs (e.g., Canadian passports, driver’s licenses).

- Automated Document Checks: Our system cross-verifies ID documents using the automated KYC technology.
- Address Verification: Users may need to submit proof of address (utility bill, bank statement) for additional security.
- Enhanced Due Diligence (EDD): High-risk users undergo deeper background checks before account approval.

## 2. Transaction Monitoring & Fraud Detection
![Chimoney Transaction Monitoring tools](/uploads/image_10_f478f5fe5f.png)

- Risk Assessment: Our system analyzes transactions in real time to detect unusual patterns.
- Suspicious Activity Reporting: We report flagged transactions to FINTRAC as required by Canadian law.
- Geofencing & IP Monitoring: We block high-risk jurisdictions from accessing our platform.
- Blacklist & Watchlist Screening: We screen users against global sanctions lists (OFAC, Interpol, etc.).

## 3. Secure Business and Merchant Onboarding

![Chimoney Know Your Business (KYB) process](/uploads/image_11_45391d7d5a.png)

**Business KYB (Know Your Business)**: All corporate clients must provide:
- Business registration details.
- Beneficial ownership information.
- Proof of compliance with AML/KYC regulations: Each merchant is assigned a risk level based on industry, location, and transaction volume.

We continuously review our merchant accounts to ensure compliance.

# The Future of AML & KYC Compliance in Canadian Fintech

Regulations are evolving, and Chimoney is proactively adapting to ensure full compliance. Some trends shaping the future of AML & KYC in Canada include:

- Open Banking Regulations: Expected to bring stricter data-sharing and fraud prevention standards.
- Real-Time Transaction Monitoring: Regulators may require fintechs to enhance AI-driven fraud detection.
- Increased Cross-Border Scrutiny: With globalization, AML enforcement agencies are focusing on multi-country compliance frameworks.

Chimoney is at the forefront of these changes, ensuring that we remain compliant while delivering seamless global payouts and collections.

# Conclusion

AML and KYC compliance are non-negotiable for fintechs operating in Canada. With growing regulations under PCMLTFA, FINTRAC, and RPAA, Chimoney is committed to staying ahead by implementing cutting-edge compliance technologies and ensuring that all transactions are secure, compliant, and fraud-free.

At Chimoney, compliance is more than just a requirement. It’s our promise to users, businesses, and regulators. By adhering to Canada’s AML & KYC regulations, we continue to build a trusted, secure, and compliant payment ecosystem for all.

Stay updated with Chimoney’s compliance journey by following our blog and [LinkedIn ](https://www.linkedin.com/company/chimoney/?viewAsMember=true)updates!


As financial regulations evolve, Anti-Money Laundering (AML) and Know Your Customer (KYC) compliance have become essential pillars in the fintech industry. In this blog post, I explore how AML and KYC regulations shape the modern fintech landscape, particularly within the Canadian ecosystem under the Retail Payment Activities Act (RPAA). I also highlight Chimoney’s approach to ensuring compliance, from robust identity verification processes to transaction monitoring, reinforcing trust, security, and regulatory adherence. Learn how fintech companies can navigate these requirements while fostering innovation and financial inclusion.

The Role of AML and KYC in Modern Fintech: Chimoney’s Approach to Compliance

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If you're developing apps or platforms that handle international payments, you’ve probably faced or are facing three major challenges: managing beneficiaries, converting currencies, and processing payouts. These processes can be complex and time-consuming, often requiring multiple integrations and custom-built solutions. [**Chimoney’s API**](https://chimoney.readme.io/reference/introduction) streamlines everything into a single integration, making global payments easier and more efficient. 

In this article, we’ll explore how you can use Chimoney’s API to simplify beneficiary management, currency conversion, and payouts.

We’ll cover the following steps:
1. Obtaining your Chimoney API Key
2. Fetching beneficiary rules and dynamically constructing forms
3. Searching for banks using the bank search endpoint
4. Adding and managing beneficiaries
5. Generating a currency conversion quote
6. Executing a payout to a beneficiary

## Step 1: Obtaining Your Chimoney API Key

Before you can start using Chimoney’s API, you need to obtain an API key. This key is required for authenticating all your API requests.

**How to Get Your API Key**

- Visit sandbox.chimoney.io and create an account if you don’t have one already.
- Log in and navigate to the Developer Dashboard.
- In the Developer Dashboard, locate the option to generate an API key.
- Copy the API key and store it securely.

> **Note**: Your API key is sensitive information. Do not share it publicly or commit it to version control systems like GitHub.

### Using the API Key

All API requests must include the `X-API-KEY` header with your API key. Here’s an example of how to include it in a curl request:
![carbon (14).png](/uploads/carbon_14_4db02d161a.png)

## Step 2: Fetching Beneficiary Rules and Dynamically Constructing Forms

Before initiating any transaction, it’s crucial to understand the rules and requirements for sending money to a specific country. Chimoney’s API provides an endpoint to dynamically fetch beneficiary rules, which can be used to construct forms or validation schemas.

### Fetch Beneficiary Rules

The  [**/info/beneficiary-rules/{countryCode}**](https://chimoney.readme.io/reference/post_v0-2-4-beneficiary-bank) endpoint allows you to retrieve the rules for a specific country. This is particularly useful for dynamically constructing forms or validation schemas.

Example Request:
![carbon (13).png](/uploads/carbon_13_ae1e9dbb23.png)

Example Response:
![carbon (25).png](/uploads/carbon_25_2cb77fca90.png)

## Dynamically Constructing Forms

Using the response from the [**/info/beneficiary-rules/{countryCode}**](https://chimoney.readme.io/reference/get_v0-2-4-info-beneficiary-rules-countrycode) endpoint, you can dynamically construct a form for adding a beneficiary. Here’s how you can do it:

- **Iterate through the rules**: Loop through the data array to generate form fields.
- **Set field types**: Use the `inputType` property to determine the type of input field (e.g., text, select).
- **Apply validation**: Use the `regexPattern` and `validValues` properties to enforce validation rules.
- **Set default values**: Use the `defaultValue` property to pre-fill fields where applicable.

Example Form Construction:
![carbon (15).png](/uploads/carbon_15_eac49491db.png)

## Step 3: Searching for Banks Using the Bank Search Endpoint

To ensure the beneficiary’s bank details are accurate, you can use the [**/info/bank-search**](https://chimoney.readme.io/reference/get_v0-2-4-info-bank-search) endpoint to search for banks by name or code.

Example Request:
![carbon (14).png](/uploads/carbon_14_ae87125a02.png)

Example Response:

![carbon (24).png](/uploads/carbon_24_27a2a3f56d.png)
### Using the Bank Search Results

The response includes a list of banks matching your search criteria. You can use this information to populate a dropdown or autocomplete field in your form, ensuring that users select a valid bank.

## Step 4: Adding and Managing Beneficiaries

Once you’ve fetched the necessary rules and constructed the form, you can proceed to add beneficiaries. Chimoney’s API allows you to create and manage beneficiaries seamlessly.

### Add a Beneficiary

The [**/beneficiary/bank**](https://chimoney.readme.io/reference/post_v0-2-4-beneficiary-bank) endpoint is used to add a new beneficiary.

Example Request:
![carbon (16).png](/uploads/carbon_16_0843337ef4.png)

Example Response:
![carbon (17).png](/uploads/carbon_17_23301e6257.png)

### Fetch Beneficiaries
To retrieve a list of all beneficiaries, use the [**/beneficiary**](https://chimoney.readme.io/reference/get_v0-2-4-beneficiary) endpoint.

Example Request:
![carbon (18).png](/uploads/carbon_18_d4f07bb706.png)

Example Response:
![carbon (19).png](/uploads/carbon_19_15151ca7ea.png)

## Step 5: Generating a Currency Conversion Quote

Before initiating a multicurrency transfer, you’ll need to generate a quote for the currency conversion. The [**/multicurrency-wallets/transfer-quote**](https://chimoney.readme.io/reference/post_v0-2-4-multicurrency-wallets-transfer-quote) endpoint provides real-time exchange rates and fees.

Example Request:
![carbon (20).png](/uploads/carbon_20_c9242d5203.png)


Example Response:
![carbon (21).png](/uploads/carbon_21_500e3f760d.png)


## Step 6: Executing a Payout to a Beneficiary

Once you have the beneficiary details and a currency conversion quote, you can execute a payout. The [**/payouts/chimoney**](https://chimoney.readme.io/reference/post_v0-2-4-payouts-chimoney**) endpoint allows you to send funds to a beneficiary.

Example Request:
![carbon (26).png](/uploads/carbon_26_f152131b34.png)

Example Response:
![carbon (23).png](/uploads/carbon_23_b8bc9c71d4.png)
## Why Choose Chimoney’s API?

- **Global Reach**: Our support for multiple currencies and countries means your app can cater for users worldwide.
- **Dynamic Rules**: You can fetch beneficiary rules dynamically to ensure compliance with local regulations.
- **Real-Time Quotes**: You can also get real-time currency conversion rates and fees for accurate financial planning.
- **Seamless Integration**: We have a well-documented APIs and sandbox environment that make integration straightforward and simple.
- **Scalability**: The Chimoney API is designed to handle high transaction volumes, making it suitable for businesses of all sizes.

## Conclusion
Chimoney’s API suite offers a robust and flexible solution for managing cross-border payments, multi-currency wallets, and payouts. This guide will help you integrate these features seamlessly into your application, ensuring a smooth and efficient payment experience for your users.

## Get Started Today!
Explore our [**API Documentation**](https://chimoney.readme.io/reference/introduction) to learn more about available endpoints and features, or [**book a meeting with us**](https://chimoney.io/?book_a_demo=1) to see how Chimoney can support your business’s payment needs.

Struggling with international payments? Chimoney’s API simplifies beneficiary management, currency conversion, and payouts in one integration. In this blog you you will learn how to fetch beneficiary rules, add beneficiaries, generate conversion quotes, and execute payouts seamlessly.

Effortless Global Payouts via API: Manage Beneficiaries & Send Money with Chimoney

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Peer-to-peer (P2P) payments should be instant, secure, and frictionless. Chimoney has leveraged the Interledger Protocol (ILP) to create a seamless P2P payment experience within the Chimoney App. By integrating Interledger, users are able to send and receive money effortlessly using their unique Interledger wallet address. 

This article explores how Chimoney’s integration with Interledger is redefining P2P transactions.

## The Role of Interledger in P2P Payments
[Interledger](https://interledger.org/) is a breakthrough protocol designed to facilitate seamless financial transactions across different payment networks. Traditionally, sending money across platforms and borders involves high fees, delays, and compatibility issues. Interledger solves this by acting as a universal connector, allowing payments to move effortlessly between different systems in real time.

## How Chimoney Leverages Interledger for P2P Transfers
Chimoney has embedded Interledger technology into its ecosystem, making P2P payments as easy as sending a message. Here’s how it works:

### 1. Automatic Interledger Wallet Address Issuance

When users sign up on the Chimoney app and complete Know Your Customer (KYC) verification, they are automatically assigned an Interledger wallet address. This wallet serves as their unique digital identifier, allowing them to send and receive payments seamlessly across different networks.

> Think of it as receiving a phone number when activating a new SIM card—except this one is designed for instant financial transactions.

### 2. Instant, Frictionless Money Transfers

With an Interledger wallet address, Chimoney users can send and receive funds instantly. The process is as simple as:
- Entering the recipient’s Interledger wallet address.
- Confirming the transaction.
- Seeing the funds reflected in the recipient’s account instantly.

> It’s like sending a text message and having it delivered in real time. No delays, no intermediaries, and no unnecessary fees.

## Step-by-Step: How It Works in the Chimoney App

### Step 1: Complete KYC Verification

To maintain security and compliance, users undergo a quick KYC verification. Once approved, they automatically receive an Interledger wallet address.

### Step 2: Sending Money

Using the Chimoney app, users can:
- Enter the recipient’s Interledger wallet address or scan their QR code.
- Initiate a transfer instantly after entering their secure PIN without additional processing delays.

### Step 3: Receiving Money
- Users can share their Interledger wallet address or QR code with others.
- Payments are credited instantly to their Chimoney wallet.

## Why This is a Game-Changer for P2P Transactions

Traditional peer-to-peer (P2P) payments are often plagued by inefficiencies and interoperability challenges between different financial networks. Despite the rapid growth of digital payments, a significant portion of the global population still lacks access to traditional banking services, limiting their ability to participate in the modern economy.

Cross-border payments, in particular, face numerous hurdles. Transactions can take several days to settle, and fees are often prohibitively high, especially for smaller amounts. These inefficiencies are compounded by the fragmented nature of financial systems, which struggle to communicate seamlessly across borders and currencies.

Chimoney’s integration with Interledger Protocol (ILP) is tackling these problems head-on, ensuring P2P payments are faster, cheaper, and more accessible than ever before. Here’s how:

- **Instant Settlements** – With Interledger, payments are processed instantly eliminating settlement delays. 

- **Low-Cost Transfers** – By integrating Interledger, Chimoney significantly reduces transfer costs by eliminating the need for intermediaries.

- **Borderless Payments** – Chimoney’s integration with Interledger removes geographic restrictions, allowing users to send and receive money effortlessly across regions regardless of local banking infrastructure. 

- **Secure & Transparent Transactions** – Security is non-negotiable in P2P payments. By leveraging Interledger’s cryptographic security model, Chimoney ensures every transaction is encrypted and tamper-proof. 

## The Future of P2P Payments with Chimoney & Interledger
Chimoney is committed to pushing the boundaries of what’s possible with P2P payments. By continuously enhancing our Interledger-powered system, we’re enabling a future where transactions are instant, inclusive, and cost-efficient for users everywhere.

Ready to experience the next generation of P2P payments? [**Download the Chimoney app**](https://chimoney.app/) today and start sending money in just a few taps!

Learn how Chimoney's integration with Interledger makes P2P payments instant, cost-effective, and borderless on the Chimoney app. 

How Interledger is Powering P2P Payments: The Chimoney App Case Study

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Cross-border remittances remains one of fintech's most persistent challenges as traditional payment infrastructure creates unnecessary friction in building truly global applications. 

[Chimoney and Interledger](https://chimoney.io/blogs/chimoney-and-interledger-expanding-global-financial-access/) partnered in an effort to solve the three main challenges faced in cross-border transfers; high cost, slow processing and lack of transparency. Let's dive into how the integration of Chimoney with Interledger Protocol (ILP) solves these challenges.

## Understanding the Cross-Border Challenge
The technical complexities of [cross-border payments extend far beyond simple currency conversion](https://chimoney.io/blogs/chimoney-s-guide-to-navigating-cross-border-payments-and-global-expansion/). Each region has its own payment rails, compliance requirements, and preferred payment methods. Building direct integrations with each system is impractical for most development teams, yet using traditional banking rails means accepting high fees and slow settlement times.

## The Power of Chimoney + ILP Integration
What makes the Chimoney-ILP combination particularly powerful is how it abstracts complexities while maintaining flexibility. Through a single integration with Chimoney's API, developers can access services like P2P wallet transfers, powered by the Interledger Protocol (ILP) and enabled through payment pointers.

The technical implementation leverages ILP's packet switching for value transfer, similar to how the internet routes data packets. By integrating Interledger’s open payments API, [Rafiki](https://rafiki.dev/overview/concepts/interledger/), Chimoney enables the issuing of payment pointers and the transfer of value from one payment pointer to another without the traditional complexities associated with cross-network transactions, such as intermediary fees or delays.

## Core Technical Capabilities

From an implementation standpoint, you get:
- [Payment pointers](https://chimoney.io/usecases/interledger-issue-payment-pointers/) for simplified addressing (think email addresses for payments)
- [Transfer of value](https://chimoney.io/usecases/interledger-receive-and-send-payments/) between payment pointers.

## Real Use Cases
Integrating Chimoney’s Interledger Protocol (ILP) enabled solutions opens up numerous possibilities across various sectors. Here, we will explore two detailed use cases: building a freelance marketplace and creating an emergency aid distribution system for NGOs.

### Use Case 1: Freelance Marketplace
![Interledger blog 2.png](/uploads/Interledger_blog_2_1a2c3f2038.png)

Chimoney's API can significantly streamline payment processes in a freelance marketplace. Here’s a step-by-step breakdown of how this integration works:

**Step 1: Multi-Currency Wallet Setup**

_Create Wallets_: Set up Chimoney multi-currency wallets (USD, CAD, NGN) for both freelancers and payers. This allows transactions in various currencies, accommodating users from different regions.

**Step 2: Issue Payment Pointers**

_Generate Payment Pointers_: Create unique payment pointers for both the freelancer and the payer. These pointers serve as simplified addresses for sending and receiving payments, similar to email addresses.

**Step 3: Payment Flow**

_Task Completion_: Once the freelancer completes a task, they notify the payer that the work is done.

_Initiate Payment_: The payer sends payment directly to the freelancer’s wallet by transferring funds from their own payment pointer to the freelancer’s payment pointer.

### Use Case 2: Emergency Aid Distribution System for NGOs
![Interledger blog 3.png](/uploads/Interledger_blog_3_1ff38a5725.png)

Another application of Chimoney's ILP integration is in the development of an emergency aid distribution system for non-governmental organizations (NGOs). 

Here’s how it can be structured:

**Step 1: Multi-Currency Wallet Creation**

_Set Up Separate Wallets_: Create distinct multi-currency wallets for different aid programs within the NGO. This organization helps track funds allocated to various initiatives.

**Step 2: Issue Payment Pointers**

_Generate Payment Pointers for Beneficiaries and the Organization_: Both the organization and each beneficiary are assigned unique payment pointers linked to their respective wallet accounts. These payment pointers allow for easy identification and tracking of aid distribution.

**Step 3: Instant Value Transfer**

_Disbursement of Funds_: When aid is ready to be distributed, the NGO can instantly transfer value from its program-specific wallets to the beneficiaries' wallets using their respective payment pointers.

## Chimoney App Case Study
![Interledger blog 4.png](/uploads/Interledger_blog_4_271645dd76.png)

[The Chimoney App](https://chimoney.app/), powered by the Interledger Protocol (ILP), is transforming peer-to-peer payments for Canadians by eliminating the need for traditional banking intermediaries. When users create an account, they are assigned a unique Interledger Payment Pointer, which acts as a simplified identifier for direct money transfers. 

The ILP integration ensures secure and compliant transactions while simplifying the payment process with its interoperable infrastructure. 

To discover more about the Chimoney App and its features, click [here](https://chimoney.app/blog/chimoney-app-transforming-how-canadians-achieve-financial-freedom).

## Future Developments
An exciting upcoming development is Chimoney’s integration of Web Monetization, which, still building on the foundation of the Interledger Protocol (ILP) , transforms the way value is transferred online allowing websites and applications to stream payments in real time. 

Leveraging this technology, Chimoney aims to make monetization more accessible, seamless, and inclusive for creators, developers, and businesses globally.

Through the integration of Web Monetization with Chimoney, users can:
- **Earn Micro-Payments in Real Time**: Websites and platforms can stream payments directly to creators via Chimoney Payment Pointers, bypassing the need for traditional ad-based revenue models.

- **Enable Inclusive and Global Monetization**: With Chimoney’s multi-currency wallets and global reach, value can be transferred across borders efficiently, breaking down geographical and financial barriers.

- **Enhance Engagement and Transparency**: By rewarding users instantly for actions like engaging with content, completing tasks, or contributing to open-source projects, Chimoney enables a frictionless, privacy-respecting monetization model.

## Conclusion
The combination of Chimoney and ILP represents a significant step forward in making cross-border value transfer accessible to companies and developers alike. 
Ready to start implementing? Check out the [Chimoney API documentation](https://chimoney.readme.io/reference/post_v0-2-accounts-issue-wallet-address). The future of cross-border payments is being built one integration at a time!


Learn how Chimoney and Interledger are revolutionizing cross-border remittances through low-cost, fast, and transparent payment solutions for global transactions.

Building the Future of Cross-Border Remittances with Chimoney and Interledger

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So now you’ve arrived at one of the most critical aspects of your startup: providing seamless payment solutions to your customers. With the premise of convenience and practicality sworn by eCommerce, what steps have you taken to make purchasing in your online store smooth and worry-free?

Like many startups, navigating through the competitive and overwhelmingly congested world of eCommerce can truly be challenging. By now, you’ve already realized that beyond ensuring high-quality products and services, this should also extend to the overall shopping experience of your consumers.

As per Salesforce, 90% of customers actually give more importance to the experience provided by the company on top of the products sold. Hence, it’s crucial to look into every touchpoint—from browsing to purchasing support, most especially to providing seamless payment solutions.

Through this guide, we hope to give you clarity on the direction of how you can provide a better experience to your customers. Particularly, we’ll delve into the following:
- Importance of seamless payment solutions
- Things to look for in a reliable payment solutions service provider
- The best payment solutions for startups

Ready? Let’s answer your queries one by one!
## Why Seamless Payment Solutions for Startups is Important
Nothing is more annoying to a customer than that long and confusing checkout process. In fact, this is the reason why 28% of online shoppers opt to abandon their carts—something that you definitely would want to avoid. This is where the importance of seamless payment solutions comes into play.

Here are the key reasons why providing a seamless payment experience is important:

- **Customer Satisfaction**. Providing a seamless payment solution not only enhances the shopping experience but also builds trust among customers, eventually encouraging them to return, make another purchase, or even better, refer your store to others.

- **Increased Conversion Rates**. By removing unnecessary steps and offering multiple payment methods, you get to remove difficulties faced when checking out and help increase the conversion rate by 5-10% or even higher.

- **Cost Efficient**. Tapping into the latest innovations in tech might seem like a big investment, especially for a startup. That’s why, in many cases, some still choose to operate manually. However, this approach is slower and comes with distinct disadvantages, especially now that people are always seeking efficient transactions. With AI, many operations are now streamlined, reducing manual errors and cutting down long-term costs. By investing in the right payment solutions, you can actually save money over time.

- **Enhanced Security**. With the growing risks of cyber threats among startups, it is crucial to secure a payment solution that comes with advanced security features that can protect both your eCommerce store and your customers from fraud.

## What are the Things to Look for in a Reliable Payment Solutions Service Provider?
Apart from seamless payment solutions, a reliable merchant partner empowers you to provide better services and can scale with you as the business grows. You deserve a kind of partnership that can handle increased transaction volumes and expand your offerings while maintaining the same level of quality and efficiency.

One search on the internet and a lot of payment solutions service providers will pop up. But how do you narrow down the list? Well, here are some key features that you might consider looking into:

- **Pricing Structure**. Let’s not beat around the bush. As a startup, you have to be aware of the pricing structure that suits your budget and business model. Selecting the right pricing strategy can make a significant difference in your profitability and scalability. Some providers offer tiered pricing based on transaction volume, alongside comprehensive payment solutions—including unlimited access to APIs, fund wallet options, chat support, and additional services that cater to the diverse needs of your business. Thoroughly review the benefits offered and make sure to understand the long-term impacts to ensure financial stability and growth.

- **Strong Security Features**. Small companies are highly susceptible to data breaches or cyber-attacks. If you’ve read Cybernews’ comprehensive [**ExpressVPN review**](https://cybernews.com/best-vpn/expressvpn-review/), you'll realize how crucial it is to evaluate and compare the features of the products or services you use. Everyone is at risk of account breaches, and you certainly don’t want this happening to your startup business.
 That’s why choosing the right payment solution can make or break your venture. Look for partners who can handle sensitive cardholder information securely and do not use your data resources unless authorized. Additionally, as updates can occur throughout the year to strengthen security features, make sure that the provider seeks your approval before integrating or employing any changes. Most importantly, ensure that the payment solution services provider is PCI/DSS compliant to secure the credit card transactions passing through your processor. This way, you can protect your business and your customers’ data effectively.

- **Support Multiple Channels and Payment Methods**. Again, capitalize on ease and convenience. Meet your customers where they are—literally and figuratively.  Choose a payment solution that supports a range of payment methods and currencies to cater to the needs of your global customers—be it bank transfer, mobile money, gift cards, and so on. By bringing these options into your startup, you not only improve the shopping experience but also help broaden your customer base and boost your sales.

- **Easy Integration**. With all the challenges you’ve faced in launching your startup, saving yourself from another set of technicalities can help you focus more on your business needs. Hence, an ideal payment solution partner should be able to easily integrate into your existing systems and platforms. 

You should not be the one adjusting. It should not disrupt the already established operations of your eCommerce store. Look for providers that offer comprehensive APIs, ensuring smooth and efficient integration into your workflow and allowing you to maintain operational continuity while enhancing your payment process.

## The Best Payment Solutions for Startups
Indeed, launching a startup is not an easy feat—especially now that you’re in the process of securing a seamless payment solution. While there are many options to choose from, if it’s the 3 S’s—seamless, secure, and scalable payments—then [**Chimoney**](https://chimoney.io/) is the perfect partner for you.

From easy API integration providing multi-currency wallets, cross-border payments, and top-tier security features, Chimoney is built to support startups at every stage. Our pricing and benefits are designed with growing businesses in mind, making it easier for you to scale without breaking the bank.

As you build and grow in 2025, choose a payment solution that grows with you. Power your startup with Chimoney and deliver better services and experiences to your customers. [**Get started today**](https://chimoney.io/?book_a_demo=1)! 



Discover the key to seamless, secure, and scalable payment solutions for your startup. Learn how the right provider can boost customer satisfaction, increase conversions, and enhance security. Find out why Chimoney is the perfect partner to power your business growth in 2025!

Empowering Startups with Seamless Payment Solutions: A Guide for Entrepreneurs

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## Introduction
Welcome to the Chimoney-Interledger integration guide! If you're looking to implement cross-border payments in your application, you're in the right place. This guide will walk you through every step of integrating Chimoney's Interledger-enabled payment services, from basic setup to sending your first payment.

## What is Interledger Protocol (ILP)?
The [Interledger Protocol (ILP)](https://interledger.org/developers/get-started/) is like a universal translator for payments. Just as the internet connects different computer networks, ILP connects different payment systems. This means you can send money across borders and between different types of payment systems seamlessly.

## What You'll Learn
By the end of this guide, you'll know how to:

- Set up your development environment
- Create Interledger wallet addresses for your users
- Send payments between Interledger wallets
- Handle common errors and edge cases

## Prerequisites
- A Chimoney developer account
- Your Chimoney API key
- Node.js and npm/yarn installed
- Axios for making HTTP requests

> If you haven't set up your Chimoney developer account yet, refer to this [**article**](https://chimoney.io/blogs/payment-api-101-getting-started-with-chimoney-s-integration-and-api/) on how to get started with the Chimoney API.

## Setting Up Your Project
**1. Create Your Project Directory**

Open your terminal and run these commands:

```
# create and enter project directory
mkdir chimoney-ilp-integration
cd chimoney-ilp-integration

# initialize npm project
npm init -y

# install required dependencies
npm install axios dotenv
```

**2. Set Up Environment Variables**

Create a .env file in your project root:
```
CHIMONEY_API_KEY=your_api_key_here
CHIMONEY_ENV=sandbox  # Change to 'production' when ready
```
**3. Create Your Project Structure**
![Screenshot from 2025-02-15 00-54-23.png](/uploads/Screenshot_from_2025_02_15_00_54_23_257e882d22.png)

**4. Configure Your Application**

Create `src/config.js`:

```
import dotenv from 'dotenv';
dotenv.config();

export const config = {
  apiKey: process.env.CHIMONEY_API_KEY,
  baseUrl: process.env.CHIMONEY_ENV === 'production'
    ? 'https://api-v2.chimoney.io/v0.2'
    : 'https://api-v2-sandbox.chimoney.io/v0.2',
  headers: {
    accept: 'application/json',
    'content-type': 'application/json',
    'X-API-KEY': process.env.CHIMONEY_API_KEY
  }
};
```
## Creating Your Chimoney Service

Create `src/services/chimoneyService.js`:

```
import axios from 'axios';
import { config } from '../config.js';

class ChimoneyInterledgerService {
  constructor() {
    this.baseUrl = config.baseUrl;
    this.headers = config.headers;
  }

  async issueWalletAddress(userID, ilpUsername) {
    try {
      const response = await axios.post(
        `${this.baseUrl}/accounts/issue-wallet-address`,
        {
          userID,
          ilpUsername
        },
        { headers: this.headers }
      );
      return response.data;
    } catch (error) {
      this.handleError(error);
    }
  }

  async sendPayment(walletAddress, amount, subAccount) {
    try {
      const response = await axios.post(
        `${this.baseUrl}/payouts/interledger-wallet-address`,
        {
          interledgerWallets: [
            {
              interledgerWalletAddress: walletAddress,
              amountToDeliver: amount
            }
          ],
          subAccount
        },
        { headers: this.headers }
      );
      return response.data;
    } catch (error) {
      this.handleError(error);
    }
  }

  handleError(error) {
    if (error.response) {
      const errorMessage = error.response.data.message || 'API request failed';
      console.error('API Error:', errorMessage);
      throw new Error(errorMessage);
    }
    throw error;
  }
}

export default ChimoneyInterledgerService;
```

## Using the Service

Create `src/index.js`:

```
import ChimoneyInterledgerService from './services/chimoneyService.js';

async function main() {
  const chimoneyService = new ChimoneyInterledgerService();

  try {
    // Issue a new wallet address
    const wallet = await chimoneyService.issueWalletAddress(
      'user123',  // Your user's unique ID
      'john.doe'  // Desired ILP username
    );
    console.log('New wallet created:', wallet);

    // Send a payment
    const payment = await chimoneyService.sendPayment(
      wallet.data.walletAddress,  // Recipient's wallet address
      10,                         // Amount to send
      'your-subaccount-id'       // Your subaccount ID
    );
    console.log('Payment sent:', payment);
  } catch (error) {
    console.error('Error:', error.message);
  }
}

main();
```
## Testing Your Integration

**Test Wallet Creation:**

```
// Test creating a wallet
const wallet = await chimoneyService.issueWalletAddress(
  'test-user-1',
  'test.user'
);
console.log(wallet);
```

**Test Sending Payment:**

```
// Test sending a small amount
const payment = await chimoneyService.sendPayment(
  'https://ilp-sandbox.chimoney.com/test.user',
  1,
  'your-subaccount'
);
console.log(payment);
```

## Common Errors and Solutions
**1. Authentication Errors**
```
{
  "status": "error",
  "message": "Invalid API key"
}
```
Solution: Double-check your API key in the .env file

**2. Invalid Wallet Address**
```
{
  "status": "error",
  "message": "Invalid wallet address format"
}
```
Solution: Ensure the wallet address follows the correct format: https://ilp-sandbox.chimoney.com/username

**3. Insufficient Funds**
```
{
  "status": "error",
  "message": "Insufficient funds in account"
}
```
Solution: Add funds to your Chimoney account or reduce the transfer amount

## Best Practices

**Error Handling**
- Always implement comprehensive error handling
- Log errors for debugging
- Provide meaningful error messages to users

**Security**
- Never commit your API keys
- Use environment variables
- Validate all input data

**Testing**
- Start with sandbox environment
- Test with small amounts first
- Test error scenarios

## Moving to Production

When you're ready to go live:

1. Change your environment to production:

```
CHIMONEY_ENV=production
```

2. Update your API key to the production key
3. Update the base URL in your requests to `https://api-v2.chimoney.io/v0.2`

## Need Help?
- Join the [Chimoney Developer Community](https://discord.com/invite/Q3peDrPG95)
- Contact support at support@chimoney.io

Remember to always test thoroughly in the sandbox environment before moving to production. 

Integrate seamless cross-border payments with Chimoney's Interledger-enabled services. Learn how to issue Interledger wallet addresses and send payments using Chimoney's API. Follow this step-by-step guide to set up, authenticate, and securely transact with Interledger Protocol.

A Developer's Guide to Enabling ILP Payments with Chimoney

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Imagine you're hosting a charity baking event to raise funds for an underserved community overseas, helping them gain access to 24/7 electricity and clean water. After reaching your fundraising goal, you send the money using a platform like PayPal, feeling a sense of accomplishment. However, days later, when you check for updates, there’s no clear confirmation that the funds have reached their intended destination. What was once excitement about making a difference quickly turns into frustration and uncertainty.

A better solution? **Chimoney**.

Chimoney enables seamless global payouts to over 130 countries using just an email address. In this case, the community you’re supporting can instantly redeem the funds to their registered bank account or mobile money, depending on their preference.

This article explores how Chimoney empowers non-profits and community initiatives by providing a transparent, efficient, and cost-effective way to streamline international transfers.

## How Chimoney Offers Transparency and Saves You Money

Non-profits often face a common challenge when using traditional banking to send funds overseas: these platforms typically charge high fees for transactions and require additional payments to access many of their services. For example, [just in 2023 alone, nonprofits collectively spent approximately $3 billion on transaction fees.](https://www.zeffy.com/blog/nonprofits-paid-2-billion-in-transaction-fees-last-year). In other words, traditional banking platforms can be prohibitively expensive. 

Unlike traditional banks, Chimoney offers transparent and affordable payment rates, with clearly disclosed fees, making it easier for nonprofits to plan and budget their funding effectively. The platform was founded by [Uchi Uchibeke, who experienced firsthand the high fees of traditional banking while trying to send prize money to winners of AfriHacks, a hackathon he was hosting.](https://chimoney.io/blogs/techstars-backs-chimoney-to-revolutionize-global-payouts/) With Chimoney, he was able to pay the winners without hidden fees. 

Transparent pricing is just one of the many ways Chimoney can empower your non-profit or community initiative. Next, let’s explore another key advantage.

## Overcoming Geographical Barriers

Another common issue that nonprofits and community initiatives face when it comes to sending funds overseas is restrictions that limit them to certain countries. This limitation can be especially challenging for organizations whose mission is to provide aid to those in need, regardless of location. Unlike traditional banks, [Chimoney enables transactions in over 100 countries worldwide](https://chimoney.io/payouts/), giving nonprofits the freedom to support their intended recipients wherever they are. With this capability, nonprofits can overcome geographical barriers and better fulfill their mission.

## Ensuring Timely Fund Transfers

It may sound cliché, but "time is money" truly applies when it comes to getting funds where they’re needed—on time. Unfortunately, traditional banks often have limited transfer windows, especially for international transactions, as they [must follow country-specific protocols](https://tipalti.com/resources/learn/global-payouts/#the-challenges-that-face-global-payouts). For instance, Bank of America customers who need to send international transfers can only do so [by 5:00 pm Eastern Time](https://www.bankofamerica.com/help/cutoff-times/), and they [must use SWIFT codes](https://info.bankofamerica.com/en/digital-banking/wire-transfers), which can add [delays to the process](https://meestpay.com/what-is-swift-money-transfer-and-its-disadvantages/). These restrictions can hinder nonprofits by delaying the vital funds needed for their communities.

Chimoney offers fast delivery and 24/7 payment processing, allowing nonprofits to make quick, reliable transfers across borders. This means no waiting for banking hours or dealing with restrictive protocols—funds reach recipients quickly. For example, [AfricaHacks uses Chimoney's bulk payout feature to reward hackathon winners](https://chimoney.io/blogs/5-types-of-people-who-should-use-chimoneys-bulk-gift-cards-feature/). With just one click, all winners receive their payouts instantly, redeemable via bank transfers, mobile money, airtime, or gift cards.

Now, before you go, there’s just one more benefit of using global payout platforms like Chimoney for nonprofit funding.

## Expanding Transfer Options

Even though traditional banks provide ways to send money, their options are often limited. For instance, [Bank of America only allows users to send money internationally via its website or mobile app](https://info.bankofamerica.com/en/digital-banking/wire-transfers), while some local banks require in-person visits. This setup can be a challenge for nonprofits, as the communities they serve may lack access to these specific channels or may not have these banks in their country.

In contrast, Chimoney offers a wider range of transfer methods, allowing nonprofits to choose the delivery method that best meets the needs of their organization and recipients. For example, through Chimoney’s partnership with the [International Student Identity Card (ISIC), students can manage their finances more easily](https://chimoney.io/blogs/chimoney-partners-with-isic-to-expand-global-benefits-for-chimoney-app-users/) and send or receive funds through email, or within Chimoney app.

Now that you know the advantages of global payout systems, let’s explore how Chimoney's platform can further empower nonprofits and communities.

## How Chimoney Empowers Communities and Non-profits

Before spending time searching for global payout platforms, consider Chimoney. The platform simplifies payments for non-profits, helping them receive donations from around the world through Chimoney wallets. With [TryOpenGiving](https://tryopengiving.com/), an open-source platform developed by Chimoney, non-profits can accept donations via Chimoney, [Interledger](https://interledger.org/), and other payment methods, making financial contributions seamless and accessible for both donors and organizations.

## Now It's Your Turn

Timely financial support and transparency are essential for empowering non-profits and community initiatives to drive meaningful change. With the right global payout solution, you can enhance your impact, ensuring funds reach the people who need them most. Take the first step toward transforming your community and discover how Chimoney can unlock new possibilities.
___

### About the Author

_This article was written by a Chimoney community member, Christine Belzie, who is a technical writer and an open source maintainer. Her articles have been featured on websites like FreeCodeCamp and Pieces For Developers. If you want to connect with her, check out her socials on [Linktree](https://linktr.ee/ChrissyCodes)._

Discover how global payout platforms like Chimoney can help non-profits and community initiatives send funds overseas with transparency, lower fees, and faster transactions. Learn how to overcome banking challenges and maximize your impact.

How Chimoney Empowers Communities and Non-profits

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## Introduction

Billing and monetization are key factors that can determine the business success of AI platforms. The challenge lies in finding a pricing model that is scalable, easy for customers to understand, and simple for engineers to implement. One standout model that has gained popularity in AI services and SaaS businesses is the credit-based system. This article will explain how to create a credit-based pricing system tailored for AI platforms and organizers, examining different approaches and showing how to build this system using [**Chimoney**](https://chimoney.io/).

A credit-based model offers flexibility and simplicity, making it suitable for various applications, including AI-driven SaaS, collaborative platforms with human and AI contributors, AI agent marketplaces, or products that charge based on task usage. This approach benefits both your company and your customers by providing a clear and manageable pricing structure.

_This guide includes detailed, practical examples to help you implement this system so let's dive in!_

___

## What Is a Credit-Based Pricing Model?
A credit-based pricing model allows users to pre-purchase units (credits) that they can use for various services or tasks on your platform. Unlike traditional pay-per-use models, this approach offers flexibility for users to buy credits in bulk, use them as needed, and manage costs more effectively. It also provides a clear, predictable revenue stream for businesses.

### Why Is It Ideal for AI Platforms?
AI platforms, whether for automation, data processing, or collaborative work, often perform tasks with variable complexity and cost. Charging per task directly can be complicated, as tasks might have different levels of AI involvement and resource consumption. 
With a credit-based model:

- Users know exactly how many credits a task costs before committing.
- Credits can be scaled to represent any unit of value, such as the complexity or type of AI service being used.
- Bulk credit purchases incentivize higher spending and user commitment.

___

### Options for Implementing a Credit-Based Model
Before diving into the specifics, let’s explore the different options for implementing a credit system:
1. **Native Accounting System:** Build your own internal system to track user credits.
- **Pros**: Full control over credit logic, expiration, and special features.
- **Cons**: Complex, time-consuming, and requires strict security measures.
2. **Third-Party Payment Processors:** Use systems like Stripe to handle payments and credit purchases.
 - **Pros**: Good for one-time credit purchases with seamless checkout experiences.
 - **Cons**: Might require custom tracking systems to manage credits after purchase.
3. **Chimoney for [Multi-Currency Wallet](https://chimoney.io/multi-currency-wallets/) and Credit Management:** Use Chimoney’s API to leverage multi-currency wallets and transaction metadata to manage credits securely.
- **Pros**: Simplifies the process, integrates with existing wallet infrastructure, and provides robust tracking and audit capabilities.
- **Cons**: Limited to Chimoney’s transaction and metadata management capabilities.

While a native system gives you full control, it comes with heavy development overhead. Third-party processors like Stripe are great for payment handling but fall short on integrated credit tracking. Chimoney strikes a balance by allowing you to handle credit purchases and tracking through its multi-currency wallet and metadata features.
___

## Step-by-Step Guide to Building a Credit-Based Pricing System with Chimoney

### Step 1: Understanding Chimoney’s Capabilities
Chimoney offers a [**powerful API**](https://chimoney.io/developers-api/) for managing wallets and multi-currency transactions, making it an excellent choice for building a credit-based system without heavy custom development. Here’s what you can use:

- **Wallets**: Each user can have a wallet to hold balances.
- **Transactions**: Securely handle deposits, withdrawals, and metadata.
- **Metadata**: Attach custom data to transactions for tracking credits.

_For more details, refer to the_ [_Chimoney API Documentation_](https://chimoney.readme.io/reference/introduction)

___
### Step 2: Setting Up User Wallets and Managing Credits

**1. Create a User Wallet**

Each user or business will need a Chimoney wallet for credit purchases. [**Chimoney’s Multicurrency Wallet**](https://chimoney.io/multi-currency-wallets/) allows users to hold value and transact in multiple currencies. Credits purchased by users will not be held as traditional currency but represented through transaction metadata.

**Code Example: Issue a Multi-currency Wallet**

_Checkout the Create Multi-currency Wallet endpoint on Chimoney API Docs_ [_here_](https://chimoney.readme.io/reference/post_v0-2-multicurrency-wallets-create)

![carbon (4).png](/uploads/carbon_4_464564334d.png)

**2. Purchase Credits:** 

Credits can be bought in two ways:
- **Directly Debit User Wallets**: Deduct USD balances and track the transaction via metadata.

- **Initiate a Payment Request**: Allow users to pay via cards, Interac, or Mobile Money, with the amount settling in your Chimoney account.


**Code Example: Initiate a Payment Request**

_Checkout the Initiate Payment Request endpoint on Chimoney API Docs_ [_here_](https://chimoney.readme.io/reference/post_v0-2-payment-initiate-1)

![carbon (5).png](/uploads/carbon_5_d286c66f97.png)


**3. Direct Transfer from their Wallet to your Wallet**

Another option is to facilitate a direct Transfer of funds from their Wallet to your Wallet.

**Code Example: Direct Debit to the Platform Wallet**

![carbon (6).png](/uploads/carbon_6_56595d4e88.png)

The example you chose above depends on several factors:
1. If your platform allows users to earn money or rewards to their Chimoney Wallet, then they should be able to convert this to AI credits.
2. If you want to give users the flexibility to pay for Credit using multiple options including local currency, payment rails like Interac and alternative payment methods like Mobile Money.

___
### Step 3: Tracking and Deducting Credits

**Credit Structure** 

To manage credits, mantain a credit ledger in your system with entries referencing Chimoney transaction IDs and tracking `creditsPurchased` and `creditUsed`.

**Code Example: Credit Entry**

![carbon (7).png](/uploads/carbon_7_681a3602ea.png)


**Deducting Credits (LIFO Approach)** 

When users spend credits, use the "Last In, First Out" (LIFO) approach; start deducting from the most recent credit purchase. This ensures newer credits, which customers often expect to use first, are consumed before older ones.

**Code Example: Deduct Credit**

![carbon (8).png](/uploads/carbon_8_426d05e78b.png)
___

### Step 4: Implementing Top-Ups and Balance Management
**Top-Up Workflow:**
1. The client initiates a top-up request.
2. The corresponding amount is deducted from their Chimoney wallet.
3. A new record is created in the credit ledger to track the transaction.

**API for Adding Credit Entries**

This process updates the user’s balance by logging the credits purchased into the system. The credit ledger is updated with a new entry, associating the transaction ID with the credits purchased.

**Code Example: Top-up credit**

![carbon (9).png](/uploads/carbon_9_5af535b92c.png)
___
### Step 5: Displaying Credit Balance to Users
To show users their credit balance, follow these two steps:

**1. Calculate the Total Remaining Credits**

For each credit entry, subtract `creditsUsed` from `creditsPurchased` and sum up all the remaining credits across entries to get the total.

**Code Example: Calculate Credit Balance**


![carbon (10).png](/uploads/carbon_10_b96d8004fe.png)

**2. Create an Endpoint to Display Credit Balance**


Use an API endpoint to fetch the calculated credit balance for a specific user and respond with the user's available credits.

**Code Example: Credit Balance Endpoint**

![carbon (11).png](/uploads/carbon_11_ea080e6a7c.png)
___
### Step 6: Ensuring Security and Auditability

To maintain a secure and reliable credit system, follow these practices:

**1. Maintain an Audit Trail:**
- Use Chimoney’s [chiRef](https://chimoney.readme.io/reference/knowing-the-api#chiref) in your `CreditEntry` to tie credit purchases to secure transactions.
- Regularly reconcile credit entries with Chimoney’s transaction logs for consistency.

**2. Ensure Data Integrity:**
- Implement atomic updates to ensure that `creditsUsed` changes are safe and conflict-free.

**3. Integrate Real-time Webhooks:**
- Set up webhooks to handle real-time updates when payments are made, ensuring your credit ledger stays up-to-date.
- Chimoney offers [**Webhooks**](https://chimoney.readme.io/reference/webhooks-and-events) to notify you of transaction states.

**Code Example: Monitor Chimoney Webhooks**

![carbon (12).png](/uploads/carbon_12_ebe25cca81.png)
___
### Comparing Chimoney to Other Credit Management Approaches

When deciding on a credit management solution, here’s how Chimoney stacks up against other common approaches:


**1. Building a Native System:**
- **Pros**: Full control over the system, allowing you to define custom rules and workflows.
- **Cons**: Complex to build, high maintenance, security risks.

**2. Using Third-Party Payment Processors:**
- **Pros**: Great for handling payments, limited credit management capabilities.
- **Cons**: Often requires custom solutions for credit tracking.

**3. Chimoney-Based Approach:**
- **Pros**: Simplifies credit handling with wallet management, secure transactions, and metadata capabilities. Easy integration for auditing and tracking.
- **Cons**: Dependent on Chimoney’s services, but highly reliable for businesses.
___
## Conclusion
Building a credit-based pricing system for your AI platform doesn’t have to be daunting. By leveraging [**Chimoney’s multi-currency wallet infrastructure**](https://chimoney.io/multi-currency-wallets/), you can implement a secure, scalable, and easy-to-manage credit system without building everything from scratch. The key is understanding how to integrate Chimoney’s transaction metadata and wallet management to track credit purchases and deductions seamlessly.

For platforms monetizing task-based AI services, collaborative AI-human interactions, or SaaS products that benefit from flexible billing structures, this guide and Chimoney’s integration steps provide a solid foundation to create a robust solution that scales with your business.

Ready to build your credit-based pricing system with Chimoney? Check out the [**Chimoney API documentation**](https://chimoney.readme.io/reference/introduction) or [**book a demo**](https://chimoney.io/?book_a_demo=1) with us to get started today!

___
## Appendix: Code Snippets
Below are the code snippets referenced in this guide. You can copy them directly into your implementation.

**Code Example: Issue them a Multi-currency Wallet**
````
const fetch = require('node-fetch');
const chimoneyAPIBase = 'https://api-v2-sandbox.chimoney.io/v0.2'; // Sandbox
const chimoneyAPISecret = process.env.CHIMONEY_API_SECRET;

try {
  const url = `${chimoneyAPIBase}/multicurrency-wallets/create`;
  const options = {
    method: 'POST',
    headers: {
      accept: 'application/json',
      'content-type': 'application/json',
      'X-API-KEY': chimoneyAPISecret,
    },
    body: JSON.stringify({
      name: 'Jane AI Doe',
    }),
  };

  const response = await fetch(url, options);
  const json = await response.json();
  console.log(json);
} catch (error) {
  console.error('error:', error);
}
````


**Code Example: Initiate a Payment Request**

```
const fetch = require('node-fetch');
const chimoneyAPIBase = 'https://api-v2-sandbox.chimoney.io/v0.2'; // Sandbox
const chimoneyAPISecret = process.env.CHIMONEY_API_SECRET;

try {
  const url = `${chimoneyAPIBase}/payment/initiate`;
  const options = {
    method: 'POST',
    headers: {
      accept: 'application/json',
      'content-type': 'application/json',
      'X-API-KEY': chimoneyAPISecret,
    },
    body: JSON.stringify({
      amount: 'AMOUNT_YOU_CHARGE_FOR_N_NUMBER_OF_CREDITS', // decided by your pricing plan
      currency,
      payerEmail,
      redirect_url,
      meta: {
        orulyType: 'credit_purchase',
        userId: 'your_platform_user_id',
        credits: 'NUMBER_OF_CREDITS_TO_PURCHASE',
      },
    }),
  };

  const response = await fetch(url, options);
  const json = await response.json();
  console.log(json);
} catch (error) {
  console.error('error:', error);
}
````

**Code Example: Direct Debit their Platform Wallet**

````
const chimoneyAPIBase = "https://api-v2-sandbox.chimoney.io/v0.2"; // Sandbox
const chimoneyAPISecret = process.env.CHIMONEY_API_SECRET;

try {
  const url = `${chimoneyAPIBase}/payment/initiate`;
  const options = {
    method: "POST",
    headers: {
      accept: "application/json",
      "content-type": "application/json",
      "X-API-KEY": chimoneyAPISecret,
    },
    body: JSON.stringify({
      subAccount: "THE_USERS_MULTICURRENCY_ACCOUNT_ID",
      amountToSend: "10",
      originCurrency: "USD",
      receiver: "YOUR_CHIMONEY_ACCOUNT_EMAIL",
      destinationCurrency: "USD",
      narration: "AI Credit purchase",
      meta: {
        orulyType: "credit_purchase",
        userId: "your_platform_user_id",
        credits: "NUMBER_OF_CREDITS_TO_PURCHASE",
      },
    }),
  };

  const response = await fetch(url, options);
  const json = await response.json();
  console.log(json);
} catch (error) {
  console.error("error:", error);
}const fetch = require("node-fetch");
````

**Code Example: Credit Entry**
````
interface CreditEntry {
  transactionId: string;
  creditsPurchased: number;
  creditsUsed: number;
}

let userCredits: CreditEntry[] = [];
````
**Code Example: Deduct Credit**

````
function deductCredits(
  userCredits: CreditEntry[],
  creditsToDeduct: number
): boolean {
  let remainingCredits = creditsToDeduct;

  for (let i = userCredits.length - 1; i >= 0 && remainingCredits > 0; i--) {
    const entry = userCredits[i];
    const availableCredits = entry.creditsPurchased - entry.creditsUsed;

    if (availableCredits > 0) {
      const creditsUsed = Math.min(availableCredits, remainingCredits);
      entry.creditsUsed += creditsUsed;
      remainingCredits -= creditsUsed;
    }
  }

  return remainingCredits === 0;
}
````
**Code Example: Top-up credit**

````
function addCreditEntry(
  userCredits: CreditEntry[],
  transactionId: string,
  creditsPurchased: number
) {
  userCredits.push({ transactionId, creditsPurchased, creditsUsed: 0 });
}
````
**Code Example: Calculate Credit Balance**

````
function calculateTotalCredits(userCredits: CreditEntry[]): number {
  return userCredits.reduce((total, entry) => {
    return total + Math.max(0, entry.creditsPurchased - entry.creditsUsed);
  }, 0);
  ````
**Code Example: Credit Balance Endpoint**
````
app.get('/api/user/credits', (req, res) => {
  const userId = req.query.userId;
  const credits = calculateTotalCredits(getUserCredits(userId));
  res.json({ availableCredits: credits });
});
````

**Code Example: Monitor Chimoney Webhooks**

````
app.post('/webhook/credits', (req, res) => {
  const { transactionId, creditsPurchased } = req.body;
  addCreditEntry(getUserCredits(req.userId), transactionId, creditsPurchased);
  res.sendStatus(200);
});
}
````





Lear how to monetize your AI business with a credit-based pricing system using Chimoney. This comprehensive guide explores the benefits of credit models for AI platforms, offering step-by-step implementation strategies and practical examples to enhance billing and customer experience. 

Building Credit-Based Pricing Systems for AI Platforms: How to Monetize Your AI Business with Step-by-Step Implementation Using Chimoney

large_Introducing the Chimoney App Seamless Global Payments for Canadians.png

medium_Introducing the Chimoney App Seamless Global Payments for Canadians.png

small_Introducing the Chimoney App Seamless Global Payments for Canadians.png

thumbnail_Introducing the Chimoney App Seamless Global Payments for Canadians.png

Introducing the Chimoney App Seamless Global Payments for Canadians.png


We’re excited to introduce the **Chimoney App**, designed to empower Canadians with simple, secure international transactions. With just an email address or phone number, users can send money to over 100 countries—making cross-border payments feel as easy as sending a text. Chimoney is one of Canada’s first companies to integrate with Interledger, enabling users to complete transactions on web monetization-enabled pages through the Chimoney App and receive payments from anyone online.

## Key Features of the Chimoney App

- **Global Money Transfers**: The Chimoney App allows users to send money across borders simply by using the recipient's email address or phone number, removing the need for complex account details. This feature supports transactions to over 100 countries, making global transfers as easy as sending a text.

- **Multi-Currency Wallets**: Users can hold and manage balances in multiple currencies—specifically USD, CAD, and NGN. They can switch seamlessly between currencies, making it convenient for cross-border transactions without needing separate accounts for each currency.

- **Flexible Payment Options**: Recipients can choose how to receive funds, including bank transfers, mobile money, airtime, gift cards, or local options such as CAD withdrawals via Interac Email, NGN withdrawals to Nigerian bank accounts, and USD withdrawals to U.S. bank accounts.

- **Universal Payment Links**: Chimoney’s Universal Payment Requests enable users to request payments in CAD, USD, or NGN from specific email addresses directly through the app. Once a payment request is made, the payer receives an email with a secure payment link, which they can use to fulfill the payment. The requested amount is instantly credited to the requester’s Chimoney App wallet in the specified currency, providing a smooth and efficient transaction experience.

## Designed to Support Canadians in Every Walk of Life

### Everyday Canadians and Small Businesses
Chimoney recognizes the everyday challenges Canadians face, from rising costs to daily essentials. Designed to support hard-working Canadians and small businesses, Chimoney offers CAD bank accounts, simple payment solutions, and currency exchange services that make managing finances affordable and accessible. Whether sharing bills or sending funds internationally, Chimoney provides essential tools for economic stability.

### Freelancers and Remote Workers
Canada’s freelance and remote talent requires reliable payment options. With Chimoney’s Universal Payment Links and multi-currency wallets, Canadian freelancers and remote workers can easily receive international payments, strengthening Canada’s role as a global talent hub.

### International Students
For Canada’s diverse student community, Chimoney provides financial flexibility. Without needing additional bank accounts, international students can manage funds efficiently, allowing them to focus on academics and contribute meaningfully to Canadian society.

### Canadian Associations and Community Groups
Chimoney proudly partners with Canadian associations and community organizations, offering tailored financial solutions and perks that support group finances and member engagement, making Chimoney a trusted choice for organizations across the country.

## What Powers Chimoney App?

The Chimoney App is powered by the **Chimoney API**, which provides a secure and user-friendly payment experience through the Interledger Protocol (ILP). This integration not only simplifies global transactions but also equips Canadians with financial tools that bypass traditional banking obstacles.

### Key API Features

- **[Multi-Currency Wallet Creation](https://chimoney.readme.io/reference/post_v0-2-multicurrency-wallets-create)**: When users sign up, multi-currency wallets are automatically created for them allowing them to manage balances across USD, CAD, and NGN within the Chimoney ecosystem.

- **[Issuing Interledger Wallet Addresses](https://chimoney.readme.io/reference/post_v0-2-accounts-issue-wallet-address)**: Each user is assigned an Interledger wallet address, which allows them to receive payments directly through the link into their Chimoney App wallet.

- **[Multi-Currency Wallet Transfers](https://chimoney.readme.io/reference/post_v0-2-multicurrency-wallets-transfer)**: The **Get Paid** feature allows users to get paid when the sender clicks 'Pay Now'. The transfer of payment from the sender's wallet to the receiver's wallet is powered by the multi-currency wallet transfer endpoint which routes the payment through the Interledger network when 'send via Interledger' is enabled.

- **Webhook Notifications**: Chimoney sends webhook notifications to both parties involved in the payment process, confirming that the sender’s wallet is debited and the receiver’s wallet is credited.

## Integrating with the Chimoney Interledger-Enabled API

1. **Register for API Access**: Start by signing up at [**sandbox.chimoney.io**](https://sandbox.chimoney.io) to obtain your API key.

2. **Explore the Documentation**: Our [**Chimoney API Documentation**](https://chimoney.readme.io/reference/introduction) provides step-by-step guidance on creating multi-currency wallets, issuing Interledger wallet addresses, and managing wallet transfers.

3. **Test and Deploy**: Use our Sandbox environment for testing to ensure smooth integration before going live.

## Get Started with Chimoney

For businesses seeking to explore how to integrate Chimoney App features  using our API, [book a demo with us today!](https://chimoney.io). For more details about our mission to enable financial freedom, visit our website at [chimoney.io](https://chimoney.io).


The Chimoney App offers Canadians a seamless solution for global payments, enabling secure transactions to over 100 countries with just an email or phone number. Manage multi-currency wallets, send money easily, and enjoy flexible options tailored for freelancers, students, small businesses, and community groups.

Introducing the Chimoney App: Seamless Global Payments for Canadians

large_September 2024 Changelog.png

September 2024 Changelog.png

This month, we've introduced several exciting new features and improvements to enhance your experience and make managing transactions even more seamless. Below, you’ll find a detailed breakdown of the latest additions, fixes, and updates.

## New Features

- **Added the `Issue Interledger Wallet Address to a User`**: This feature allows the issuance of Interledger Wallet Addresses to users through their `userID` and `ilpUsername`. [View the update here](https://chimoney.readme.io/reference/post_v0-2-accounts-issue-wallet-address).

- **Easier access to statements**: Accessing statements is now more user-friendly! You can view and download statements with pre-filled date ranges based on your URL parameters (`from`, `to`).
![september.png](/uploads/september_8bfdf9dc23.png)

- **Subaccount tab on Transactions page**: We’ve added a new Subaccount tab on the Transactions page, allowing users to easily view transactions initiated from subaccounts.
![sub accounts.png](/uploads/sub_accounts_79b46c1cfe.png)

- **Sub-account spending management**: A new feature has been added to help monitor and manage sub-account spending. This feature provides insights into weekly spending activity compared to allowed limits.

## Updates

- **Transaction Analytics improvements**: We’ve improved the Transaction Analytics page, adding more efficient currency switching via the new Currency Toggle Button. Additionally, "USD" is now the default when the selected currency is unavailable.
![sub accounts (1).png](/uploads/sub_accounts_1_c6b8b94c55.png)

- **Crypto wallet addresses**: We’ve added support for issuing crypto wallet addresses to users. Admins can now enable this feature, which automatically assigns and saves a wallet address to the user's profile with they can view [here](https://dash.chimoney.io/identity/profile/crypto).

- **Optional walletID for payment requests**: We’ve introduced `walletID` as an optional parameter when initiating a payment. For more details, refer to the [initiating a payment request endpoint](https://chimoney.readme.io/reference/post_v0-2-payment-initiate-1).

## Fixes

- **Duplicate organization entries**: We fixed an issue where users were seeing duplicate entries of their organizations.


Discover the latest features, updates and fixes in our September Changelog

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